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OPM.gov / About / 2024 Agency Financial Report / FY 2024 Financial Information – Section 2 / Consolidating Financial Statements /
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Consolidating Financial Statements

U.S. Office of Personnel Management Consolidating Balance Sheet

As of September 30, 2024 (In Millions)

Assets Retirement Program Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2024
Intragovernmental Assets: Fund Balance with Treasury [Note 2] $79 $1,915 $13 $791 - $2,798
Investments, Net [Note 3] 1,079,398 52,127 55,086 - - $1,186,611
Accounts Receivable, Net [Note 4] 1,764 773 24 157 (155) $2,563
Advances and Prepayments - - - 3 - 3
Other Assets [Note 1.L] - - - - - -
Total Intragovernmental Assets 1,081,241 54,815 55,123 951 (155) 1,191,975
With the Public Assets: Accounts Receivable, Net [Note 4] 542 1,224 205 - - 1,971
Other Assets [Note 1.L] - 207 768 - - 975
Total With the Public Assets 542 1,431 973 - - 2,946
Total Assets $1,081,783 $56,246 $56,096 $951 ($155) $1,194,921
Liabilities Retirement Program Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2024
Intragovernmental Liabilities: Accounts Payable $48 $89 $14 $13 ($150) $14
Advances from Others and Deferred Revenues - - - 104 - 104
Other Liabilities [Note 7] & [Note 8] - 260 - 11 (5) 266
Total Intragovernmental Liabilities 48 349 14 128 (155) 384
With the Public Liabilities: Accounts Payable - - - 18 - 18
Federal Employee Salary, Leave and Benefits Payable [Note 5] 6 570 - 37 - 613
Pension, Other Post-Employment Benefits Payable [Note 6] 2,806,143 431,584 69,937 7 - 3,307,671
Advances from Others and Deferred Revenue - - - - - -
Other Liabilities [Note 7] & [Note 8] 1,505 369 7 61 - 1,942
Total With the Public Liabilities 2,807,654 432,523 69,944 123 - 3,310,244
Total Liabilities $2,807,702 $432,872 $69,958 $251 ($155) $3,310,628
Commitments and Contingencies [Note 9]
Net Position Retirement Program Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2024
Unexpended Appropriations-Funds from Other than Dedicated Collections $- $- $- $369 $- $369
Cumulative Results of Operations-Funds from Other than Dedicated Collections (1,725,919) (376,626) (13,862) 331 - (2,116,076)
Total Net Position ($1,725,919) ($376,626) ($13,862) $700 $- ($2,115,707)
Total Liabilities and Net Position $1,081,783 $56,246 $56,096 $951 ($155) $1,194,921

The accompanying notes are an integral part of the financial statements.

As of September 30, 2023 (In Millions)

Assets Retirement Program Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2023
Intragovernmental Assets: Fund Balance with Treasury [Note 2] $1,123 $1,822 $13 $786 $- $3,744
Investments, Net [Note 3] 1,042,823 57,775 52,551 - - 1,153,149
Accounts Receivable, Net [Note 4] 1,861 875 24 205 (239) 2,726
Advances and Prepayments - - - 6 - 6
Other Assets [Note 1.L] - - 1 - - 1
Total Intragovernmental Assets 1,045,807 60,472 52,589 997 (239) 1,159,626
With the Public Assets: Accounts Receivable, Net [Note 4] 626 1,238 196 - - 2,060
Other Assets [Note 1.L] - 463 751 - - 1,214
Total With the Public Assets 626 1,701 947 - - 3,274
Total Assets $1,046,433 $62,173 $53,536 $997 ($239) $1,162,900
Liabilities Retirement Program Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2023
Intragovernmental Liabilities: Accounts Payable $109 $109 $16 $11 ($239) $6
Advances from Others and Deferred Revenues - - - 148 - 148
Other Liabilities [Note 7] & [Note 8] - 260 - 12 - 272
Total Intragovernmental Liabilities 109 369 16 171 (239) 426
With the Public Liabilities: Accounts Payable - - - 25 - 25
Federal Employee Salary, Leave and Benefits Payable [Note 5] 7 553 - 27 - 567
Pensions, Other Post-Employment Benefits Payable [Note 6] 2,684,305 385,624 66,151 7 - 3,136,087
Advances from Others and Deferred Revenue - 4 - (7) - (3)
Other Liabilities [Note 7] & [Note 8] 1,421 330 14 94 - 1,859
Total With the Public Liabilities 2,685,733 386,491 66,165 146 - 3,138,535
Total Liabilities $2,685,842 $386,860 $66,181 $317 ($239) $3,138,961
Commitments and Contingencies [Note 9]
Net Position Retirement Program Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2023
Unexpended Appropriations-Funds from Other than Dedicated Collections $- $- $- $383 $- $383
Cumulative Results of Operations-Funds from Other than Dedicated Collections (1,639,409) (324,687) (12,645) 297 - (1,976,444)
Total Net Position ($1,639,409) ($324,687) ($12,645) $680 - ($1,976,061)
Total Liabilities and Net Position $1,046,433 $62,173 $53,536 $997 ($239) $1,162,900

The accompanying notes are an integral part of the financial statements.

U.S. Office of Personnel Management Consolidating Statement of Net Cost

For the Fiscal Year Ended September 30, 2024 (In Millions)

Gross Costs Retirement Program CSRS Retirement Program FERS Retirement Program Total Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2024
Intragovernmental: $3,247 $1,194 $4,441 $14 $- $314 ($97) $4,672
With the Public: Pension Expense [Note 6] 33,724 141,824 175,548 - - - - 175,548
Post-Retirement Health Benefits [Note 6] - - - 16,317 - - - 16,317
Future Life Insurance Benefits [Note 6] - - - - 3,676 - - 3,676
Current Benefits and Premiums - - - 69,668 3,867 40 - 73,575
Other Gross Costs With the Public - - - 58 (6) 856 - 908
Total Gross Costs With the Public 33,724 141,824 175,548 86,043 7,537 896 - 270,024
Total Gross Costs $36,971 $143,018 $179,989 $86,057 $7,537 $1,210 ($97) $274,696
Earned Revenues Retirement Program CSRS Retirement Program FERS Retirement Program Total Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2024
Intragovernmental: Employer Contributions $4,901 $54,480 $59,381 $26,076 $746 $- ($87) $86,116
Earnings on Investments 2,266 25,193 27,459 1,920 2,102 - - 31,481
Collections Transferred In - - - 2 - - - 2
Other Intragovernmental Earned Revenue - 1 1 - - 650 (10) 641
Total Intragovernmental Earned Revenue 7,167 79,674 86,841 27,998 2,848 650 (97) 118,240
With the Public: Participant Contributions 199 7,307 7,506 20,845 3,511 - - 31,862
Other With the Public Earned Revenue - - - 12 3 3 - 18
Total Earned Revenue With the Public 199 7,307 7,506 20,857 3,514 3 - 31,880
Total Earned Revenue $7,366 $86,981 $94,347 $48,855 $6,362 $653 ($97) $150,120
Net Cost $29,605 $56,037 $85,642 $37,202 $1,175 $557 - $124,576
(Gain)/Loss on Pension, ORB, or OPEB Assumption Changes [Note 6] 12,249 41,696 53,945 29,765 80 - - 83,790
Net Cost of Operations $41,854 $97,733 $139,587 $66,967 $1,255 $557                         $- $208,366

The accompanying notes are an integral part of the financial statements.

For the Fiscal Year Ended September 30, 2023 (In Millions)

Gross Costs Retirement Program CSRS Retirement Program FERS Retirement Program Total Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2023
Intragovernmental: $3,023 $1,579 $4,602 $8 $- $462 ($185) $4,887
With the Public: Pension Expense [Note 5] 22,927 124,094 147,021 - - - - 147,021
Post-Retirement Health Benefits [Note 5] - - - 12,511 - - - 12,511
Future Life Insurance Benefits [Note 5] - - - - 2,063 - - 2,063
Current Benefits and Premiums - - - 64,219 3,764 - - 67,983
Other Gross Costs With the Public - - - 120 7 836 - 963
Total Gross Costs With the Public 22,927 124,094 147,021 76,850 5,834 836 - 230,541
Total Gross Costs [Note 8] & [Note 9] $25,950 $125,673 $151,623 $76,858 $5,834 $1,298 ($185) $235,428
Earned Revenues Retirement Program CSRS Retirement Program FERS Retirement Program Total Health Benefits Program Life Insurance Program Other Programs Eliminations FY 2023
Intragovernmental: Employer Contributions $6,702 $47,972 $54,674 $24,222 $695                   $- ($78) $79,513
Earnings on Investments 17,453 6,965 24,418 1,650 1,106 - - 27,174
Collections Transferred In - - - 3 - - - 3
Other Intragovernmental Earned Revenue - 3 3 - - 814 (107) 710
Total Intragovernmental Earned Revenue 24,155 54,940 79,095 25,875 1,801 814 (185) 107,400
With the Public: Participant Contributions 234 6,271 6,505 19,555 3,310 - - 29,370
Other Earned Revenue With the Public - - - 11 - - - 11
Total Earned Revenue With the Public 234 6,271 6,505 19,566 3,310 - - 29,381
Total Earned Revenue  $24,389 $61,211 $85,600 $45,441 $5,111 $814 ($185) $136,781
Net Cost $1,561 $64,462 $66,023 $31,417 $723 $484                        $- $98,647
(Gain)/Loss on Pension, ORB, or OPEB Assumption Changes [Note 5] 61,337 93,381 154,718 (44,046) 1,179 - - 111,851
Net Cost of Operations $62,898 $157,843 $220,741 ($12,629) $1,902 $484 - $210,498

The accompanying notes are an integral part of the financial statements.

U.S. Office of Personnel Management Consolidating Statement of Changes in Net Position

For the Fiscal Year Ended September 30, 2024 (In Millions)

Unexpended Appropriations Retirement Program Health Benefits Program Life Insurance Program Other Programs FY 2024
Beginning Balance $- $- $- $383 $383
Budgetary Financing Sources: Appropriations Received 53,255 15,236 43 226 68,760
Appropriations Transferred - - - 1 1
Other Adjustment - (135) (1) (4) (140)
Appropriations Used (53,255) (15,101) (42) (237) (68,635)
Total Budgetary Financing Sources - - - (14) (14)
Total Unexpected Appropriations - Ending Balance $- $- $- $369 $369
Cumulative Results of Operations Retirement Program Health Benefits Program Life Insurance Program Other Programs FY 2024
Beginning Balance ($1,639,409) ($324,687) ($12,645) $297 ($1,976,444)
Budgetary Financing Sources: Appropriations Used 53,255 15,101 42 237 68,635
Transfer-In/Out Without Reimbursement (177) (73) (4) 311 57
Other Financing Sources (1) - - 43 42
Total Financing Sources 53,077 15,028 38 591 68,734
Net Cost of Operations 139,587 66,967 1,255 557 208,366
Net Change (86,510) (51,939) (1,217) 34 (139,632)
Cumulative Results of Operations - Ending Balance ($1,725,919) ($376,626) ($13,862) $331 ($2,116,076)
Net Position ($1,725,919) ($376,626) ($13,862) $700 ($2,115,707)

The accompanying notes are an integral part of the financial statements.

For the Fiscal Year Ended September 30, 2023 (In Millions)

Unexpended Appropriations Retirement Program Health Benefits Program Life Insurance Program Other Programs FY 2023
Beginning Balance $- $- $- $371 $371
Budgetary Financing Sources: Appropriations Received 49,889 15,122 43 198 65,252
Appropriations Transferred - - - - -
Other Adjustments - (627) - (3) (630)
Appropriations Used (49,889) (14,495) (43) (183) (64,610)
Total Budgetary Financing Sources - - - 12 12
Total Unexpected Appropriations - Ending Balance $- $- $- $383 $383
Cumulative Results of Operations Retirement Program Health Benefits Program Life Insurance Program Other Programs FY 2023
Beginning Balance ($1,468,332) ($351,724) ($10,780) $258 ($1,830,578)
Budgetary Financing Sources: Appropriations Used 49,889 14,495 43 183 64,610
Transfer-In/Out Without Reimbursement (222) (87) (6) 306 (9)
Other Financing Sources (3) - - 34 31
Total Financing Sources 49,664 14,408 37 523 64,632
Net Cost of Operations 220,741 (12,629) 1,902 484 210,498
Net Change (171,077) 27,037 (1,865) 39 (145,866)
Cumulative Results of Operations - Ending Balance ($1,639,409) ($324,687) ($12,645) $297 ($1,976,444)
Net Position ($1,639,409) ($324,687) ($12,645) $680 ($1,976,061)

The accompanying notes are an integral part of the financial statements.

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