By: Russ Kamp, CEO, Ryan ALM, Inc.

Milliman released the latest results of its monthly Public Pension Funding Index (PPFI). As a reminder, Milliman analyzes and reports on data from the nation’s 100 largest public DB pension plans.

For June, Milliman’s PPFI constituents produced an estimated aggregate return of -0.1%, which when incorporated with the anticipated benefit accruals reduced the collective funded status by $30 billion. As a result of the -0.1% return, assets for the index declined during the month from $6.129 trillion as of May 31 to $6.116 trillion. Concurrently, the PPFI plan liabilities rose to $6.894 trillion during the period, resulting in a funded ratio of 88.7% as of June 30, a -0.4% decline from 89.1% as of May 31.

“While June’s slight investment decline caused the PPFI funded ratio to slip from the indexes all-time high, public pension plans have enjoyed strong returns so far in 2026, with plan assets up 6.2% from January 1 to June 30,” said Ryan Falls, co-author of the Milliman PPFI. Falls also reported that “half of the 100 largest public pensions continue to have funded ratios eclipsing 90%, unchanged from the end of May, while only 10 plans are less than 60% funded”. Despite recent improvement in the overall funded status/ratio of public pension defined benefit plans, they are still significantly below levels achieved in 2000 prior to two costly equity market corrections.

You can access the monthly report below.

View the Milliman 100 Public Pension Funding Index.