The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans. We report the plans’ own assessments of how well funded they are. We also recalibrate the liability for each plan based on our independent assessment of the expected real return on each plan’s investments. This 2024 report is based on the most recently published fiscal year-end reports available for each plan, covering:

• Returns, funded status, and funded ratio
• Reported cash flows
• Cost of benefits earned each year
• Assets and liabilities
• Recalibrating total pension liability