The Milliman Public Pension Funding Study annually explores the funded status of the 100 largest U.S. public pension plans. This 2020 report is based on information that was reported by the plans at their most recent fiscal year-ends-- June 30, 2019, is the measurement date for three-quarters of the plans in the 2020 study. The 12 months since that date were marked by extreme market volatility amid the onset of the COVID-19 pandemic. The market conditions have taken a toll around the world, and U.S. public pension plans are no exception. We estimate that aggregate plan assets rose just slightly from $3.82 trillion as of the most recent fiscal year-ends to $3.84 trillion as of June 30, 2020.