The estimated funding status of the 100 largest U.S. public pension plans increased by $78 billion from the end of December 2016 through the end of March 2017 as measured by the Milliman 100 Public Pension Funding Index (PPFI). During the first quarter, the deficit dropped from $1.392 trillion to $1.314 trillion. As of March 31, the funded ratio stood at 72.0%, up from 70.1% at the end of December. In aggregate, the PPFI plans experienced investment returns of 4.29% for the quarter.