Table 4. Cash and Investment Holdings of State and Local Government Employee-Retirement Systems by State and Level of Government: Fiscal Year 1998 - 1999 (Thousand dollars. Detail may not add to total because of rounding) Cash and deposits Securities ---------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------- Time, savings Governmental Nongovernmental deposits, and ------------------------------------------- --------------------------------------------------------------------- Cash and nonfederal United State and Total State and level demand short-term States Federal local Corporate Corporate Funds held other of government Total Total deposits investments Total Treasury agency government bonds stocks Mortgages in trust Other investments United States 1,906,049,268 101,640,672 8,670,275 92,970,397 1,686,357,400 194,892,430 75,672,072 2,573,486 295,803,472 708,797,750 19,966,067 60,307,351 328,344,772 118,051,196 State 1,581,779,624 81,416,739 5,850,299 75,566,440 1,393,773,838 165,903,963 57,979,424 573,621 239,054,115 577,726,637 18,837,843 56,761,958 276,936,277 106,589,047 Local 324,269,644 20,223,933 2,819,976 17,403,957 292,583,562 28,988,467 17,692,648 1,999,865 56,749,357 131,071,113 1,128,224 3,545,393 51,408,495 11,462,149 Alabama 21,677,232 856,269 20,848 835,421 19,954,218 409,768 1,174,908 0 9,043,093 7,443,916 0 0 1,882,533 866,745 State 20,388,656 729,187 16,727 712,460 18,792,724 61,133 1,148,689 0 8,847,501 6,855,095 0 0 1,880,306 866,745 Local 1,288,576 127,082 4,121 122,961 1,161,494 348,635 26,219 0 195,592 588,821 0 0 2,227 0 Alaska 9,782,827 113,099 6,783 106,316 9,236,812 1,398,536 254,105 0 1,301,226 5,679,622 340 0 602,983 432,916 State 9,316,959 106,885 569 106,316 8,799,044 1,265,847 254,105 0 1,212,766 5,512,240 340 0 553,746 411,030 Local 465,868 6,214 6,214 0 437,768 132,689 0 0 88,460 167,382 0 0 49,237 21,886 Arizona 30,317,176 1,921,993 66,065 1,855,928 28,199,836 3,833,784 803,338 501 3,736,783 19,680,571 0 76 144,783 195,347 State 27,971,850 1,761,465 3,067 1,758,398 26,084,487 3,741,105 588,847 0 3,291,338 18,454,768 0 76 8,353 125,898 Local 2,345,326 160,528 62,998 97,530 2,115,349 92,679 214,491 501 445,445 1,225,803 0 0 136,430 69,449 Arkansas 10,974,243 611,818 250,968 360,850 9,980,290 758,159 825,819 42,744 1,717,937 5,206,345 114,121 14,435 1,300,730 382,135 State 10,680,705 580,574 237,548 343,026 9,718,834 683,620 815,532 42,744 1,662,555 5,116,213 114,121 3,125 1,280,924 381,297 Local 293,538 31,244 13,420 17,824 261,456 74,539 10,287 0 55,382 90,132 0 11,310 19,806 838 California 323,298,333 9,191,121 1,627,634 7,563,487 291,730,740 33,214,236 6,282,703 1,529,089 44,006,070 116,762,446 12,201,651 898,893 76,835,652 22,376,472 State 232,602,412 3,152,622 720,275 2,432,347 212,900,329 26,406,711 4,502,054 0 28,030,900 84,893,591 11,720,383 671,173 56,675,517 16,549,461 Local 90,695,921 6,038,499 907,359 5,131,140 78,830,411 6,807,525 1,780,649 1,529,089 15,975,170 31,868,855 481,268 227,720 20,160,135 5,827,011 Colorado 22,785,624 1,009,234 72,571 936,663 17,754,507 1,172,934 211,539 40,930 2,581,845 8,321,861 277,351 20,217 5,127,830 4,021,883 State 18,852,233 828,968 0 828,968 14,575,972 937,598 170,309 39,092 1,859,942 7,584,487 187,522 0 3,797,022 3,447,293 Local 3,933,391 180,266 72,571 107,695 3,178,535 235,336 41,230 1,838 721,903 737,374 89,829 20,217 1,330,808 574,590 Connecticut 20,023,268 428,140 47,716 380,424 17,862,526 421,068 180,781 1,161 6,532,752 7,456,244 0 163,811 3,106,709 1,732,602 State 15,910,049 203,904 7,104 196,800 14,173,324 0 11,726 0 5,885,399 5,954,426 0 129,205 2,192,568 1,532,821 Local 4,113,219 224,236 40,612 183,624 3,689,202 421,068 169,055 1,161 647,353 1,501,818 0 34,606 914,141 199,781 Delaware 5,277,729 78,673 2,408 76,265 4,740,752 5,481 75,322 8,639 1,511,627 2,321,286 0 0 818,397 458,304 State 4,898,053 60,781 291 60,490 4,381,256 0 0 0 1,446,503 2,134,116 0 0 800,637 456,016 Local 379,676 17,892 2,117 15,775 359,496 5,481 75,322 8,639 65,124 187,170 0 0 17,760 2,288 District of Columbia 4,349,068 332,111 2,791 329,320 4,016,957 383,130 125,588 35,359 929,854 1,828,925 0 0 714,101 0 State 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Local 4,349,068 332,111 2,791 329,320 4,016,957 383,130 125,588 35,359 929,854 1,828,925 0 0 714,101 0 Florida 82,561,986 4,331,215 127,566 4,203,649 73,257,866 6,941,809 1,864,782 16,667 17,628,610 39,563,501 519 171,999 7,069,979 4,972,905 State 72,613,592 3,847,509 49,151 3,798,358 63,868,901 5,441,934 1,379,254 0 16,111,699 34,560,122 0 0 6,375,892 4,897,182 Local 9,948,394 483,706 78,415 405,291 9,388,965 1,499,875 485,528 16,667 1,516,911 5,003,379 519 171,999 694,087 75,723 Georgia 42,870,979 892,788 37,467 855,321 41,947,678 19,679,466 222,733 14,828 714,408 20,127,326 1,365 24,724 1,162,828 30,513 State 38,772,406 769,305 22,285 747,020 37,997,730 18,834,654 101,725 12,848 89,554 17,893,138 1,127 20,112 1,044,572 5,371 Local 4,098,573 123,483 15,182 108,301 3,949,948 844,812 121,008 1,980 624,854 2,234,188 238 4,612 118,256 25,142 Hawaii 9,494,258 1,591,932 8,805 1,583,127 7,288,707 982,372 533,634 0 956,647 2,887,204 120,639 0 1,808,211 613,619 State 9,494,258 1,591,932 8,805 1,583,127 7,288,707 982,372 533,634 0 956,647 2,887,204 120,639 0 1,808,211 613,619 Local 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Idaho 6,527,504 294,585 4,834 289,751 6,157,665 676,375 2,491 489 931,560 3,247,297 198,424 0 1,101,029 75,254 State 6,513,886 285,797 2,646 283,151 6,152,835 676,272 2,491 489 926,833 3,247,297 198,424 0 1,101,029 75,254 Local 13,618 8,788 2,188 6,600 4,830 103 0 0 4,727 0 0 0 0 0 Illinois 76,398,583 3,178,851 634,340 2,544,511 67,285,119 7,670,369 4,713,367 79,313 15,092,473 25,820,900 39,087 120,139 13,749,471 5,934,613 State 47,861,322 1,376,296 149,728 1,226,568 42,035,294 2,239,759 2,571,166 25,003 11,674,390 15,326,824 12,070 0 10,186,082 4,449,732 Local 28,537,261 1,802,555 484,612 1,317,943 25,249,825 5,430,610 2,142,201 54,310 3,418,083 10,494,076 27,017 120,139 3,563,389 1,484,881 Indiana 14,435,253 1,042,487 421,120 621,367 13,392,213 622,093 393,533 0 2,009,266 10,293,762 0 0 73,559 553 State 14,271,566 1,011,544 400,303 611,241 13,259,762 540,643 391,760 0 2,007,649 10,246,151 0 0 73,559 260 Local 163,687 30,943 20,817 10,126 132,451 81,450 1,773 0 1,617 47,611 0 0 0 293 Iowa 18,469,930 801,416 144,829 656,587 16,032,891 329,392 479,758 0 4,501,378 1,398,332 0 20,149 9,303,882 1,635,623 State 18,077,963 788,487 142,815 645,672 15,653,853 286,451 471,554 0 4,216,586 1,375,380 0 0 9,303,882 1,635,623 Local 391,967 12,929 2,014 10,915 379,038 42,941 8,204 0 284,792 22,952 0 20,149 0 0 Kansas 8,601,374 226,323 1,474 224,849 7,936,513 262,887 156,547 1,343 1,846,798 3,187,006 0 0 2,481,932 438,538 State 7,747,635 184,747 1,074 183,673 7,128,550 179,141 150,152 0 1,647,294 2,853,748 0 0 2,298,215 434,338 Local 853,739 41,576 400 41,176 807,963 83,746 6,395 1,343 199,504 333,258 0 0 183,717 4,200 Kentucky 22,162,266 1,849,131 1,437 1,847,694 19,638,978 1,261,487 186,464 37,013 4,595,367 12,908,748 624,213 1,899 23,787 674,157 State 21,824,311 1,836,676 3 1,836,673 19,313,478 1,247,639 149,080 27,497 4,536,741 12,728,589 623,932 0 0 674,157 Local 337,955 12,455 1,434 11,021 325,500 13,848 37,384 9,516 58,626 180,159 281 1,899 23,787 0 Louisiana 24,714,174 1,089,867 166,218 923,649 22,347,057 1,423,544 1,162,408 3,119 4,418,728 10,617,238 229 27,753 4,694,038 1,277,250 State 23,307,971 1,015,152 153,454 861,698 21,015,569 1,160,209 1,051,337 2,270 4,168,897 10,029,747 229 0 4,602,880 1,277,250 Local 1,406,203 74,715 12,764 61,951 1,331,488 263,335 111,071 849 249,831 587,491 0 27,753 91,158 0 Maine 6,901,936 100,835 0 100,835 6,801,101 0 0 0 687,340 1,513,591 0 0 4,600,170 0 State 6,901,936 100,835 0 100,835 6,801,101 0 0 0 687,340 1,513,591 0 0 4,600,170 0 Local 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Maryland 39,078,626 1,477,972 103,228 1,374,744 36,699,522 3,881,057 549,462 124,976 5,852,974 14,355,557 0 0 11,935,496 901,132 State 30,276,434 1,003,632 14,058 989,574 28,775,177 3,067,711 333,701 0 4,815,252 11,945,922 0 0 8,612,591 497,625 Local 8,802,192 474,340 89,170 385,170 7,924,345 813,346 215,761 124,976 1,037,722 2,409,635 0 0 3,322,905 403,507 Massachusetts 38,626,867 1,152,603 230,463 922,140 33,607,380 1,287,259 1,926,598 3,690 7,360,418 8,132,388 21,904 4,160,293 10,714,830 3,866,884 State 28,002,192 661,870 22,778 639,092 24,122,261 373,365 1,705,156 0 5,161,287 4,147,130 20,524 3,825,254 8,889,545 3,218,061 Local 10,624,675 490,733 207,685 283,048 9,485,119 913,894 221,442 3,690 2,199,131 3,985,258 1,380 335,039 1,825,285 648,823 Michigan 68,579,060 3,498,223 301,148 3,197,075 56,220,484 7,155,411 1,136,868 28,386 8,778,583 32,715,951 390,226 113,415 5,901,644 8,860,353 State 51,412,075 2,687,829 162,809 2,525,020 40,312,516 5,860,700 249,198 0 5,461,352 24,990,865 51,663 0 3,698,738 8,411,730 Local 17,166,985 810,394 138,339 672,055 15,907,968 1,294,711 887,670 28,386 3,317,231 7,725,086 338,563 113,415 2,202,906 448,623 Minnesota 40,846,329 481,498 15,282 466,216 32,722,089 1,534,697 277,994 178 1,994,576 5,208,464 4,366 21,612,464 2,089,350 7,642,742 State 36,973,386 227,152 3,753 223,399 29,277,051 1,227,740 24,187 0 1,199,058 3,995,167 0 21,610,247 1,220,652 7,469,183 Local 3,872,943 254,346 11,529 242,817 3,445,038 306,957 253,807 178 795,518 1,213,297 4,366 2,217 868,698 173,559 Mississippi 13,294,761 1,789,474 137,362 1,652,112 11,500,577 1,643,792 1,493,453 54,907 1,911,029 4,227,179 0 0 2,170,217 4,710 State 13,294,728 1,789,441 137,360 1,652,081 11,500,577 1,643,792 1,493,453 54,907 1,911,029 4,227,179 0 0 2,170,217 4,710 Local 33 33 2 31 0 0 0 0 0 0 0 0 0 0 Missouri 32,002,742 1,288,073 185,019 1,103,054 30,522,521 2,497,978 1,539,017 14,007 5,125,711 11,835,328 609 12,147 9,497,724 192,148 State 26,961,880 1,016,486 89,422 927,064 25,815,928 1,908,649 1,450,041 0 4,096,801 9,585,094 0 0 8,775,343 129,466 Local 5,040,862 271,587 95,597 175,990 4,706,593 589,329 88,976 14,007 1,028,910 2,250,234 609 12,147 722,381 62,682 Montana 3,381,443 152,294 3,838 148,456 3,077,782 327,899 23,444 12,221 1,435,057 734,863 226,340 0 317,958 151,367 State 3,381,443 152,294 3,838 148,456 3,077,782 327,899 23,444 12,221 1,435,057 734,863 226,340 0 317,958 151,367 Local 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Nebraska 6,689,440 46,626 10,749 35,877 6,589,156 670,801 1,332,473 631 457,557 2,821,696 0 620,835 685,163 53,658 State 5,117,396 8,931 8,912 19 5,108,465 428,526 1,266,849 631 214,012 2,201,159 0 619,703 377,585 0 Local 1,572,044 37,695 1,837 35,858 1,480,691 242,275 65,624 0 243,545 620,537 0 1,132 307,578 53,658 Nevada 11,126,568 603,877 0 603,877 9,336,306 561,228 1,848,233 0 1,739,510 2,537,987 0 0 2,649,348 1,186,385 State 11,126,568 603,877 0 603,877 9,336,306 561,228 1,848,233 0 1,739,510 2,537,987 0 0 2,649,348 1,186,385 Local 0 0 0 0 0 0 0 0 0 0 0 0 0 0 New Hampshire 3,991,857 108,411 46 108,365 3,037,615 118,892 60,668 1,852 593,288 1,648,595 0 0 614,320 845,831 State 3,982,024 107,551 46 107,505 3,028,642 113,264 60,668 1,852 591,391 1,648,450 0 0 613,017 845,831 Local 9,833 860 0 860 8,973 5,628 0 0 1,897 145 0 0 1,303 0 New Jersey 50,411,042 6,049 774 5,275 49,855,860 29,224 2,697,666 0 16,035,948 15,116,918 0 6,062 15,970,042 549,133 State 50,312,714 426 426 0 49,763,566 0 2,696,833 0 16,015,443 15,083,914 0 0 15,967,376 548,722 Local 98,328 5,623 348 5,275 92,294 29,224 833 0 20,505 33,004 0 6,062 2,666 411 New Mexico 11,499,926 673,795 593,873 79,922 10,823,036 2,230,778 1,515,762 0 1,532,216 3,948,395 0 0 1,595,885 3,095 State 11,499,926 673,795 593,873 79,922 10,823,036 2,230,778 1,515,762 0 1,532,216 3,948,395 0 0 1,595,885 3,095 Local 0 0 0 0 0 0 0 0 0 0 0 0 0 0 New York 204,568,749 8,190,490 85,159 8,105,331 185,703,437 32,174,890 9,359,401 0 29,786,633 86,921,490 4,279,035 314,876 22,867,112 10,674,822 State 126,925,276 2,653,758 16,178 2,637,580 113,596,715 28,262,540 172,209 0 15,630,546 50,805,095 4,261,067 0 14,465,258 10,674,803 Local 77,643,473 5,536,732 68,981 5,467,751 72,106,722 3,912,350 9,187,192 0 14,156,087 36,116,395 17,968 314,876 8,401,854 19 North Carolina 52,554,025 27,178,933 86,737 27,092,196 24,623,740 17,080 12,873 0 32,838 140,231 0 24,357,292 63,426 751,352 State 52,273,134 27,172,509 82,480 27,090,029 24,349,288 0 0 0 0 0 0 24,349,288 0 751,337 Local 280,891 6,424 4,257 2,167 274,452 17,080 12,873 0 32,838 140,231 0 8,004 63,426 15 North Dakota 2,531,824 79,400 16,930 62,470 2,289,417 55,810 10,026 0 219,663 139,261 4 958,301 906,352 163,007 State 2,391,577 55,315 6,014 49,301 2,174,395 36,194 8,609 0 190,456 128,341 4 907,266 903,525 161,867 Local 140,247 24,085 10,916 13,169 115,022 19,616 1,417 0 29,207 10,920 0 51,035 2,827 1,140 Ohio 94,330,530 3,440,250 169,057 3,271,193 82,184,712 13,358,998 5,050,916 274,286 15,079,343 33,744,298 220,863 55,514 14,400,494 8,705,568 State 91,857,758 3,343,009 75,496 3,267,513 79,817,401 13,141,040 4,919,305 274,286 14,728,193 32,077,706 220,863 55,514 14,400,494 8,697,348 Local 2,472,772 97,241 93,561 3,680 2,367,311 217,958 131,611 0 351,150 1,666,592 0 0 0 8,220 Oklahoma 14,188,085 458,447 7,400 451,047 12,865,727 1,790,056 485,995 65,333 1,814,991 6,417,735 18,662 8,574 2,264,381 863,911 State 13,386,796 422,974 2,453 420,521 12,099,999 1,711,222 461,219 62,596 1,690,413 6,121,636 0 0 2,052,913 863,823 Local 801,289 35,473 4,947 30,526 765,728 78,834 24,776 2,737 124,578 296,099 18,662 8,574 211,468 88 Oregon 17,479,470 982,936 471,806 511,130 12,098,082 809,776 0 0 3,551,436 1,506,800 13,313 0 6,216,757 4,398,452 State 17,469,617 973,083 461,953 511,130 12,098,082 809,776 0 0 3,551,436 1,506,800 13,313 0 6,216,757 4,398,452 Local 9,853 9,853 9,853 0 0 0 0 0 0 0 0 0 0 0 Pennsylvania 83,607,419 2,162,052 155,033 2,007,019 75,529,063 4,031,659 2,743,196 5,447 7,359,374 43,241,963 311,028 2,388,939 15,447,457 5,916,304 State 73,888,916 1,377,224 0 1,377,224 66,754,476 3,043,427 2,251,301 0 5,860,865 38,316,989 225,841 2,236,325 14,819,728 5,757,216 Local 9,718,503 784,828 155,033 629,795 8,774,587 988,232 491,895 5,447 1,498,509 4,924,974 85,187 152,614 627,729 159,088 Rhode Island 7,245,508 532,190 449,455 82,735 6,492,010 27,417 1,147,201 0 743,553 3,249,731 27,286 302,144 994,678 221,308 State 6,545,644 444,394 444,394 0 5,879,942 0 1,146,717 0 614,322 3,128,769 27,286 500 962,348 221,308 Local 699,864 87,796 5,061 82,735 612,068 27,417 484 0 129,231 120,962 0 301,644 32,330 0 South Carolina 18,565,873 2,729,379 917,809 1,811,570 14,898,034 2,896,117 1,785,281 0 10,209,826 6,810 0 0 0 938,460 State 18,523,849 2,728,531 917,410 1,811,121 14,856,858 2,893,317 1,783,647 0 10,179,894 0 0 0 0 938,460 Local 42,024 848 399 449 41,176 2,800 1,634 0 29,932 6,810 0 0 0 0 South Dakota 5,036,039 653,215 19 653,196 3,970,974 333,861 123,670 7,527 496,881 2,263,110 0 0 745,925 411,850 State 4,836,931 651,370 0 651,370 3,773,711 328,423 123,636 0 489,758 2,160,657 0 0 671,237 411,850 Local 199,108 1,845 19 1,826 197,263 5,438 34 7,527 7,123 102,453 0 0 74,688 0 Tennessee 28,382,345 1,062,567 85,443 977,124 27,018,175 6,110,524 3,866,865 41,838 4,246,938 12,175,483 0 462 576,065 301,603 State 22,733,545 744,610 11,502 733,108 21,988,935 5,524,729 3,683,151 0 3,421,929 9,359,126 0 0 0 0 Local 5,648,800 317,957 73,941 244,016 5,029,240 585,795 183,714 41,838 825,009 2,816,357 0 462 576,065 301,603 Texas 127,543,228 4,910,496 670,602 4,239,894 121,834,696 13,129,810 12,743,166 107,601 23,354,423 54,510,619 700,689 108,861 17,179,527 798,036 State 115,967,179 4,544,153 614,546 3,929,607 111,339,821 12,434,121 12,447,415 0 20,921,360 49,878,528 684,958 0 14,973,439 83,205 Local 11,576,049 366,343 56,056 310,287 10,494,875 695,689 295,751 107,601 2,433,063 4,632,091 15,731 108,861 2,206,088 714,831 Utah 11,398,687 919,023 543 918,480 8,592,808 547,273 440,075 0 866,546 4,151,392 3,665 2,174,086 409,771 1,886,856 State 11,398,687 919,023 543 918,480 8,592,808 547,273 440,075 0 866,546 4,151,392 3,665 2,174,086 409,771 1,886,856 Local 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vermont 1,997,292 46,529 1,457 45,072 1,751,789 60,384 0 0 521,816 1,107,364 302 0 61,923 198,974 State 1,912,360 44,136 1,457 42,679 1,669,423 41,788 0 0 508,191 1,070,504 302 0 48,638 198,801 Local 84,932 2,393 0 2,393 82,366 18,596 0 0 13,625 36,860 0 0 13,285 173 Virginia 43,470,398 1,802,666 42,710 1,759,956 38,427,020 2,999,516 143,808 1,627 5,814,570 14,187,341 59,943 47,958 15,172,257 3,240,712 State 36,422,267 1,433,003 2,234 1,430,769 31,838,946 2,552,113 0 0 4,109,249 11,120,316 13,641 0 14,043,627 3,150,318 Local 7,048,131 369,663 40,476 329,187 6,588,074 447,403 143,808 1,627 1,705,321 3,067,025 46,302 47,958 1,128,630 90,394 Washington 44,691,362 2,365,945 270,859 2,095,086 36,791,238 478,717 395,224 17,784 8,138,414 839,886 304 14,750 26,906,159 5,534,179 State 42,524,241 2,137,280 251,555 1,885,725 34,911,712 279,017 340,465 17,185 7,825,980 45,394 0 0 26,403,671 5,475,249 Local 2,167,121 228,665 19,304 209,361 1,879,526 199,700 54,759 599 312,434 794,492 304 14,750 502,488 58,930 West Virginia 3,792,905 234,856 7,899 226,957 3,558,049 2,513,243 803,308 0 170,519 9,438 10,169 51,173 199 0 State 3,637,845 224,059 6,158 217,901 3,413,786 2,459,111 782,533 0 161,973 0 10,169 0 0 0 Local 155,060 10,797 1,741 9,056 144,263 54,132 20,775 0 8,546 9,438 0 51,173 199 0 Wisconsin 60,063,438 2,561,139 93 2,561,046 54,833,364 9,509,242 1,957,345 0 5,103,678 33,407,894 99,420 1,375,025 3,380,760 2,668,935 State 55,335,153 2,274,750 0 2,274,750 50,441,771 8,757,067 1,922,283 0 4,153,081 32,423,817 99,420 0 3,086,103 2,618,632 Local 4,728,285 286,389 93 286,296 4,391,593 752,175 35,062 0 950,597 984,077 0 1,375,025 294,657 50,303 Wyoming 3,449,687 109,376 3,608 105,768 3,340,311 662,151 552,264 0 731,401 1,227,462 0 160,085 6,948 0 State 3,400,320 107,608 2,806 104,802 3,292,712 654,065 535,919 0 716,981 1,218,715 0 160,084 6,948 0 Local 49,367 1,768 802 966 47,599 8,086 16,345 0 14,420 8,747 0 1 0 0