Pension Markets

Public Pension Funding Index

Public pension funded ratio drops to 71.4% in October, the same level as one year ago

Milliman Public Pension Funding Index plans lose $114 billion in funded status after third straight month of market declines.

November 14, 2023 01:51 PM Eastern Standard Time–SEATTLE–(BUSINESS WIRE)–Milliman, Inc., a premier global consulting and actuarial firm, today released the latest results of its Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plans.

During October, the Milliman 100 PPFI funded ratio slipped from 73.2% as of September 30 to 71.4% as of October 31. This decline was due to a third straight month of investment losses, as the plans experienced estimated aggregate returns of -1.9% in October, with individual plan returns ranging from ‑2.8% to ‑1.1% for the period. Combined, the Milliman 100 PPFI plans lost $114 billion in funded status and their market value decreased by about $89 billion, to $4.378 trillion as of October 31, on top of a net negative cash flow of approximately $10 billion.

“The past 12 months have seen up-and-down performance—six months of growth and six months of losses—and while plan assets have grown, they have just kept pace with plan liabilities and the PPFI has seen no overall improvement in the aggregate funded ratio,” said Becky Sielman, co-author of Milliman’s PPFI. “At the end of October, only 12 of the plans were more than 90% funded, while 26 were below the 60% funding mark.”

For more information, and to view the full Milliman 100 Public Pension Funding Index, go to To see Milliman’s full range of annual Pension Funding Studies, go to To receive regular updates of Milliman’s pension funding analysis, contact us at




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