2025 Public Pension Funding Study

Milliman

Research

17 Pages

The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans. It notes the funded ratio has increased significantly over the past few years, from 75.1% in our 2024 study to 77.7% in the 2025 study, and they estimate it has reached 84.7% as of November 30, 2025.

Source: Milliman.
Source: Milliman.

Key Takeaways

Assets & Liabilities: Aggregate liabilities reached $6.5 trillion, whereas aggregate assets surpassed $5 trillion. The funding gap between plan assets and liabilities stands at $1.04 trillion as of November 30, 2025.
Funded Ratio: The funded ratio has increased significantly over the past few years, from 75.1% in our 2024 study to 77.7% in this 2025 study, and is estimated to have reached 84.7% as of November 30, 2025.
Estimated Contributions: They estimate that from July 2025 through June 2026, public employers and employees will contribute $289 billion to the plans; meanwhile, $387 billion will flow out of the plans to pay retiree benefits and expenses.
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