Despite small June decline, Milliman PPFI plans see significant market gains during first half of 2026

Milliman, Inc., a premier global consulting and actuarial firm, today released the latest results of its monthly Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plans.

During June, the Milliman PPFI plans saw an estimated aggregate return of -0.1%, which combined with anticipated benefit accruals to shave $30 billion from their funded status. The Milliman PPFI asset value declined during the month from $6.129 trillion as of May 31 to $6.116 trillion as of June 30. Meanwhile, the PPFI plan liabilities rose to $6.894 trillion during the period, leaving the funded status at 88.7% as of June 30, slightly down from 89.1% as of May 31.

“While June’s slight investment decline caused the PPFI funded ratio to slip from its 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. “Half of the 100 largest public pensions remain more than 90% funded, unchanged from the end of May, while only 10 plans are less than 60% funded—underscoring the overall health of public defined benefit plans.”

Read this month’s complete Public Pension Funding Index or Milliman’s full range of annual Pension Funding Studies. To receive regular updates of Milliman’s pension funding analysis, contact us at pensionfunding@milliman.com.

About Milliman

Milliman leverages deep expertise, actuarial rigor, and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges—from extreme weather and market volatility to financial insecurity and rising health costs—so they can meet their business, financial, and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at milliman.com.

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The nation's 100 largest public pension plans earned investment returns of 6.2% between January 1 and June 30, 2026.