Milliman analysis: Public pension funding rises in October to highest level in study history

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SEATTLE--(BUSINESS WIRE)--Nov 24, 2025--

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.

For the seventh straight month, the PPFI funded ratio improved in October, rising from 85.4% as of September 30 to 86.3% as of October 31, surpassing the previous high-water mark of 85.5% set at the end of 2021. Another month of strong investment returns—estimated at 1.0% in aggregate for October—drove this result and helped to boost the PPFI funded status by $64 billion while the deficit between plan assets and liabilities shrank to $907 billion.

“October’s performance marked the seventh straight month of funding improvements for public pensions and the longest stretch of good news since Milliman launched the PPFI in 2016,” said Becky Sielman, co-author of the Milliman PPFI. “Now, only 10 of the 100 plans in the study are less than 60% funded while 46 plans are more than 90% funded and 19 of these have a funding surplus.”

The 2025 Milliman Public Pension Funding Study, an annual analysis of the funded status of the 100 largest U.S. public pension plans, is expected to be released in December.

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 [email protected].

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251124864763/en/

CONTACT: Becky Sielman

Milliman, Inc.

Tel: +1 860 687 0125

[email protected]

KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: INSURANCE HUMAN RESOURCES LABOR FINANCE CONSULTING BANKING ACCOUNTING PUBLIC POLICY/GOVERNMENT PROFESSIONAL SERVICES

SOURCE: Milliman, Inc.

Copyright Business Wire 2025.

PUB: 11/24/2025 11:40 AM/DISC: 11/24/2025 11:40 AM

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