1、MILLIMAN WHITE PAPER2024 Public Pension Funding StudyRebecca A.Sielman,FSARichard L.Gordon,FSAJanuary 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 funded they are.

2、We also recalibrate the liability for each plan based on our independent assessment of the expected real return on each plans investments.This 2024 report is based on the most recently published fiscal year-end reports available for each planJune 30,2023,is the measurement date for three-quarters of

3、 the plans in our 2024 study.Some plans have subsequently issued data regarding their investment performance for more recent time 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 30,2023,and December

4、 31,2023,reported asset levels generally met the overall expectation since the prior measurement dates,with an estimated 7.1%aggregate return.Aggregate plan assets that were reported as of the most recent measurement dates stood at$4.67 trillion,and we estimate that asset levels increased to$5.05 tr

5、illion as of June 30,2024,and stand at$5.26 trillion as of November 30,2024.We estimate that the plans experienced a median annualized return on assets of 10.5%in the period between their measurement dates and June 30,2024.Our estimate of the aggregate return on assets for the 2024 calendar year to

6、date(January through November)is 10.0%.FIGURE 1:QUARTERLY INVESTMENT RETURNSHighlights Aggregate liabilities topped the$6 trillion mark for the first time while aggregate assets broke the$5 trillion barrier The funded ratio has increased significantly over the last two years from 69.8%as of Septembe