The estimated funded status of the 100 largest U.S. public pension plans jumped from 67.2% at the end of December 2018 to 71% at the end of March 2019 as measured by the Milliman 100 Public Pension Funding Index (PPFI). The deficit shrank to $1.508 trillion at the end of March 2019 compared to $1.693 trillion at the end of December 2018. The $185 billion increase in the funded status for the first quarter was the largest quarterly increase since the PPFI began in September 2016. The total pension liability continues to grow and stood at an estimated $5.205 trillion at the end of the first quarter 2019, up from $5.164 trillion at the end of the fourth quarter 2018.