Milliman PPFI plans gain $62 billion in funded status for the month thanks to robust asset returns
SEATTLE–(BUSINESS WIRE)–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.
A second consecutive month of overall positive market performance in March increased the Milliman 100 PPFI funded ratio from 78.6% at the end of February to 79.7% as of March 31. This marks the highest level since March 31, 2022, when the funded status stood at 82.7%. The PPFI plans returned an estimated 1.7% in aggregate for March 2024, with individual plan returns ranging from an estimated 0.9% to 2.6% for the month. The PPFI plans gained approximately $85 billion in market value during the period, offset by a net negative cash flow of around $9 billion. The deficit between estimated plan assets and liabilities decreased by $62 billion, reaching $1.271 trillion as of March 31.
“March’s market improvement pushed an additional four plans above the 90% funded mark, so 25 total plans now stand above this key benchmark,” said Becky Sielman, co-author of Milliman’s PPFI. “At the other end of the spectrum, 15 plans remain below 60% funded, the same number as last month.”
For more information, and to view the full Milliman 100 Public Pension Funding Index, go to http://www.milliman.com/ppfi/. To see Milliman’s full range of annual Pension Funding Studies, go to https://www.milliman.com/en/retirement-and-benefits/pension-funding-studies. To receive regular updates of Milliman’s pension funding analysis, contact us at pensionfunding@milliman.com.
About Milliman
Milliman is among the world’s largest providers of actuarial, risk management, and technology solutions. Our consulting and advanced analytics capabilities encompass healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at milliman.com.
Contacts
Becky Sielman
Milliman, Inc.
Tel: +1 860 687 0125
becky.sielman@milliman.com
