The annual Milliman Public Pension Funding Study explores the funded status of the 100 largest U.S. public pension plans, using their own assessments. We also recalibrate the liability for each plan based on our independent assessment of the expected real return on each plan’s investments. This 2023 report is based on the most recently published fiscal year-end reports available, organized as follows: 

• Returns, funded status, and funded ratio 
• Reported cash flows
• Cost of benefits earned each year
• Assets and liabilities
• Recalibrating total pension liability
• Actuarial Standards of Practice (ASOP) 51 and plan maturity measures