NEW YORK, Sept 28 (Reuters) – Assets of the 100 largest public employee pension systems in the United States grew 2.2 percent in the second quarter of 2017 to more than $3.506 trillion compared to the previous quarter, according to U.S. Census bureau data released on Thursday.
Holdings of the nation’s major public pension systems jumped 8.5 percent from $3.303 trillion the same time last year, continuing the growth that started in the third quarter of 2015.
Employee contributions rose by 12.8 percent to $12.6 billion from $11.2 billion the previous quarter. Those contributions increased 7.3 percent from the same quarter last year.
Governments made up 71 percent of contributions while employee contributions comprised the rest.
Benefit payments were up 5.8 percent to $69.3 billion in the second quarter and 4.2 percent compared to the same quarter last year.
Reporting by Laila Kearney; editing by Diane Craft