Milliman analysis: Public pension funded ratio rises to 79.7% in March, reaching highest mark in two years
April 19 2024 - 3:50PM
Business Wire
Milliman PPFI plans gain $62 billion in
funded status for the month thanks to robust asset returns
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.
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Becky Sielman Milliman, Inc. Tel: +1 860 687 0125
becky.sielman@milliman.com