Table 1.  National Summary of State and Local Government
Employee-Retirement System Finances: Fiscal Year 1998 - 1999
(Thousand dollars.  Detail may not add to total because of rounding)

                                                    Amount          Percent

Total receipts                                 263,164,871           100.00

Employee contributions                          23,565,910             8.95
Government contributions                        41,733,650            15.86
  State governments contributions               17,147,617             6.52
  Local governments contributions               24,586,033             9.34
Earnings on investments                        197,865,311            75.19

Total Payments                                  90,051,146           100.00

Benefits                                        81,667,031            90.69
Withdrawals                                      3,906,682             4.34
Other payments                                   4,477,433             4.97

Total cash and investment
  holdings at end of fiscal year             1,906,049,268           100.00

Cash and short-term investments                101,640,672             5.33

Total securities                             1,686,357,400            88.47
Governmental securities                        273,137,988            14.33
  Federal Government                           270,564,502            14.20
    United States Treasury                     194,892,430            10.22
    Federal agency                              75,672,072             3.97
  State and local government                     2,573,486             0.14

Nongovernmental securities                   1,413,219,412            74.14
  Corporate bonds                              295,803,472            15.52
  Corporate stocks                             708,797,750            37.19
  Mortgages                                     19,966,067             1.05
  Foreign and international                    226,614,914            11.89
  Other nongovernmental                        162,037,209             8.50

Other investments                              118,051,196             6.19
  Real Property                                 34,473,812             1.81
  Miscellaneous investments                     83,577,384             4.38