Table 1. National Summary of State and Local Government Employee-Retirement System Finances: Fiscal Year 1997 - 1998 (Thousand dollars. Detail may not add to total because of rounding) Amount Percent Total receipts 261,315,975 100.00 Employee contributions 21,834,567 8.36 Government contributions 41,850,145 16.02 State governments contributions 17,957,604 6.87 Local governments contributions 23,892,541 9.14 Earnings on investments 197,631,263 75.63 Total Payments 84,013,629 100.00 Benefits 76,399,606 90.94 Withdrawals 3,894,745 4.64 Other payments 3,719,278 4.43 Total cash and investment holdings at end of fiscal year 1,718,980,674 100.00 Cash and short-term investments 90,750,043 5.28 Total securities 1,530,294,769 89.02 Governmental securities 277,995,797 16.17 Federal Government 275,810,904 16.05 United States Treasury 199,907,679 11.63 Federal agency 75,903,225 4.42 State and local government 2,184,893 0.13 Nongovernmental securities 1,252,298,972 72.85 Corporate bonds 258,525,447 15.04 Corporate stocks 638,724,054 37.16 Mortgages 22,020,510 1.28 Foreign and international 193,861,899 11.28 Other nongovernmental 139,167,062 8.10 Other investments 97,935,862 5.70 Real Property 32,239,625 1.88 Miscellaneous investments 65,696,237 3.82