The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans. We report the assessment by plans of their own funded status. We also recalibrate the liability for each plan based on our independent assessment of the expected real return on its investments. Main areas of discussion include:

• Market highlights
• Assets and liabilities
• Cost of benefits earned each year
• Recalibrating the total pension liability
• Actuarial Standards of Practice (ASOP) 51 and plan maturity measures