Another quarter of below benchmark asset performance has caused a $23 billion setback in the estimated funded status of the 100 largest U.S. public pension plans as measured by the Milliman 100 Public Pension Funding Index (PPFI). At the end of June 2018, the deficit stands at $1.448 trillion, the largest deficit since the PPFI began in September 2016. As of June 30, the funded ratio stood at 71.2%, down slightly from 71.4% at the end of March. In aggregate, the PPFI plans experienced investment returns of 0.70% in the second quarter.