Table 1.  National Summary of State and Local Government
Employee-Retirement System Finances: Fiscal Year 1994 - 1995
(Thousand dollars.  Detail may not add to total because of rounding)

                                                    Amount          Percent

Total receipts                                 148,842,787           100.00

Employee contributions                          18,599,641            12.50
Government contributions                        41,011,466            27.55
  State governments contributions               16,607,351            11.16
  Local governments contributions               24,404,115            16.40
Earnings on investments                         89,231,680            59.95

Total Payments                                  63,634,164           100.00

Benefits                                        58,772,521            92.36
Withdrawals                                      2,654,649             4.17
Other payments                                   2,206,994             3.47

Total cash and investment
  holdings at end of fiscal year             1,118,352,988           100.00

Cash and short-term investments                 69,799,077             6.24

Total securities                               983,663,218            87.96
Governmental securities                        239,538,919            21.42
  Federal Government                           238,450,343            21.32
    United States Treasury                     189,811,075            16.97
    Federal agency                              48,639,268             4.35
  State and local government                     1,088,576             0.10

Nongovernmental securities                     744,124,299            66.54
  Corporate bonds                              196,646,814            17.58
  Corporate stocks                             382,691,739            34.22
  Mortgages                                     17,667,848             1.58
  Foreign and international                              0             0.00
  Other nongovernmental                        147,117,898            13.15

Other investments                               64,890,693             5.80
  Real Property                                 26,953,941             2.41
  Miscellaneous investments                     37,936,752             3.39