| Receipts | Percent of Receipts |
Total Receipts | 123,222,879 | 100.00% |
      |       |       |
Employee Contributions | 26,437,534 | 21.46% |
Government Contributions | 38,844,791 | 31.52% |
     State Contributions | 17,594,431 | 14.28% |
     Local Contributions | 21,250,360 | 17.25% |
Earnings on investments 1 | 57,940,554 | 47.02% |
      | Payments | Percent of Payments |
Total Payments | 112,257,990 | 100.00% |
      |       |       |
Benefits | 100,936,411 | 89.91% |
Withdrawals | 4,151,146 | 3.70% |
Other payments | 7,170,433 | 6.39% |
      | Cash and Investment Holdings | Percent of Cash and Investments |
Total cash and investment holdings | 2,157,629,168 | 100.00% |
      |       |       |
Cash and short term investments | 117,392,023 | 5.44% |
      |       |       |
Total securities | 1,867,275,989 | 86.54% |
     Government securities | 246,787,978 | 11.44% |
          Federal Government | 245,644,094 | 11.38% |
               United States Treasury | 166,879,417 | 7.73% |
               Federal agency | 78,764,677 | 3.65% |
          State and local government | 1,143,884 | 0.05% |
      |       |       |
     Nongovernmental | 1,620,488,011 | 75.11% |
          Corporate bonds | 381,254,779 | 17.67% |
          Corporate stocks | 762,855,073 | 35.36% |
          Mortgages | 22,896,895 | 1.06% |
          Foreign and international | 275,771,644 | 12.78% |
          Other nongovernmental | 177,709,620 | 8.24% |
      |       |       |
Other investments | 172,961,157 | 8.02% |
     Real property | 43,611,657 | 2.02% |
     Miscellaneous investments | 129,349,500 | 5.99% |
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Source: U.S. Census Bureau, Governments Division Created: November 20,2003 Last revised: March 31 2004
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