Table 1.  National Summary of State and Local Government
Employee-Retirement System Finances
Fiscal Year: 2001-2002
Data are in thousands of dollars

                                                 Amount        Percent

Total Receipts                               -7,508,710               

Employee Contributions                       27,665,366               
Government Contributions                     39,525,771               
  State Contributions                        17,452,996               
  Local Contributions                        22,072,775               
Earnings on investments 1                   -74,699,847               

Total Payments                              122,730,341        100.00%

Benefits                                    110,928,416         90.38%
Withdrawals                                   4,002,956          3.26%
Other payments                                7,798,969          6.35%

Total cash and investment holdings        2,157,209,593        100.00%

Cash and short term investments             112,207,553          5.20%

Total securities                          1,871,165,773         86.74%
  Government securities                     224,729,102         10.42%
    Federal Government                      223,906,902         10.38%
    United States Treasury                  153,231,927          7.10%
    Federal agency                           70,674,975          3.28%
    State and local government                  822,200          0.04%

  Nongovernmental                         1,646,436,671         76.32%
    Corporate bonds                         351,612,887         16.30%
    Corporate stocks                        813,144,614         37.69%
    Mortgages                                20,785,295          0.96%
    Funds held in trust                      70,422,530          3.26%
    Foreign and international               260,001,707         12.05%
    Other nongovernmental                   130,469,638          6.05%

Other investments                           173,830,990          8.06%
  Real property                              43,051,665          2.00%
  Miscellaneous investments                 130,779,325          6.06%

1 The total of "net earnings" is a calculated statistic (the item code
in the data file is X08), and thus can be positive or negative.  Net
earnings is the sum of earnings on investments plus gains on
investments minus loses on investments.  The change made in 2002
for asset valuation from book to market value in accordance with
Statement 34 of the Governmental Accounting Standards Board is
reflected in the calculated statistics. Percent for receipts is not
displayed due to the large negative earnings on investments.