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1、MILLIMAN WHITE PAPER2025 Public Pension Funding StudyRebecca A.Sielman,FSARichard L.Gordon,FSAR.Ryan Falls,FSAFebruary IntroductionThe 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

2、 funded they are.We also recalibrate the liability for each plan based on our independent assessment of the expected real return on each plans investments.This 2025 report is based on the most recently published fiscal-year-end reports available for each planJune 30,2024,is the measurement date for

3、three-quarters of the plans in our 2025 study.Some plans have subsequently issued data regarding their investment performance for more recent periods,but that information has not been incorporated into this study.For the 91 of the 100 plans in this study with a measurement date between June 30,2024,

4、and December 31,2024,reported asset levels generally exceeded the overall return expectation since the prior measurement dates,with an estimated 10.1%aggregate return.Aggregate plan assets that were reported as of the most recent measurement dates stood at$5.05 trillion,and we estimate that asset le

5、vels increased to$5.49 trillion as of June 30,2025,and stand at$5.74 trillion as of November 30,2025.We estimate that the plans experienced a median annualized return on assets of 10.9%in the period between their measurement dates and June 30,2025.Our estimate of the aggregate return on assets for t

6、he 2025 calendar year-to-date(January through November)is 11.5%.FIGURE 1:QUARTERLY INVESTMENT RETURNSHighlights Aggregate liabilities reached$6.5 trillion,whereas aggregate assets surpassed$5 trillion The funded ratio has increased significantly over the past few years,from 75.1%in our 2024 study to