Table 1.  National Summary of State and Local Government
Employee-Retirement System Finances: Fiscal Year 1992 - 1993
(Thousand dollars.  Detail may not add to total because of rounding)

                                               Amount  Percent

Total receipts                            125,942,566   100.00

Employee contributions                     16,137,931    12.81
Government contributions                   34,991,684    27.78
State governments contributions            15,186,886    12.06
Local governments contributions            19,804,798    15.73
Earnings on investments                    74,812,951    59.40

Total Payments                             52,598,701   100.00

Benefits                                   48,327,862    91.88
Withdrawals                                 2,477,142     4.71
Other payments                              1,793,697     3.41

Total cash and investment
holdings at end of fiscal year            909,850,275   100.00

Cash and short-term investments            66,192,708     7.28

Total securities                          774,844,444    85.16
Governmental securities                   203,452,928    22.36
Federal Government                        202,923,476    22.30
United States Treasury                    164,960,892    18.13
Federal agency                             37,962,584     4.17
State and local government                    529,452     0.06

Nongovernmental securities                571,391,516    62.80
Corporate bonds                           174,446,987    19.17
Corporate stocks                          301,315,623    33.12
Mortgages                                  19,458,912     2.14
Foreign and international                           0        -
Other nongovernmental                      76,169,994     8.37

Other investments                          68,813,123     7.56
Real Property                              23,635,084     2.60
Miscellaneous investments                  45,178,039     4.97