Table 1.  National Summary of State and Local Government
Employee-Retirement System Finances: Fiscal Year 1996 - 1997
(Thousand dollars.  Detail may not add to total because of rounding)

                                                    Amount          Percent

Total receipts                                 227,056,225           100.00

Employee contributions                          20,930,879             9.22
Government contributions                        44,901,913            19.78
  State governments contributions               20,588,392             9.07
  Local governments contributions               24,313,521            10.71
Earnings on investments                        161,223,433            71.01

Total Payments                                  76,260,217           100.00

Benefits                                        69,386,218            90.99
Withdrawals                                      3,467,388             4.55
Other payments                                   3,406,611             4.47

Total cash and investment
  holdings at end of fiscal year             1,478,962,901           100.00

Cash and short-term investments                 74,820,216             5.06

Total securities                             1,316,214,055            89.00
Governmental securities                        268,378,065            18.15
  Federal Government                           266,422,078            18.01
    United States Treasury                     199,181,039            13.47
    Federal agency                              67,241,039             4.55
  State and local government                     1,955,987             0.13

Nongovernmental securities                   1,047,835,990            70.85
  Corporate bonds                              220,730,487            14.92
  Corporate stocks                             528,580,481            35.74
  Mortgages                                     13,619,460             0.92
  Foreign and international                    149,480,704            10.11
  Other nongovernmental                        135,424,858             9.16

Other investments                               87,928,629             5.95
  Real Property                                 30,878,865             2.09
  Miscellaneous investments                     57,049,764             3.86