Milliman：2025年公共养老金资金研究年度报告（英文版）

The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans. We report the plans’ own assessments of how well funded they are. We also recalibrate the liability for each plan based on our independent assessment of the expected real return on each plan’s investments. This 2025 report is based on the most recently published fiscal year-end reports available for each plan, covering Returns, funded status, and funded ratio Reported ca