The estimated funded status of the 100 largest U.S. public pension plans fell by $54 billion from the end of September through the end of December as measured by the Milliman 100 Public Pension Funding Index (PPFI). During the fourth quarter, the deficit increased from $1.338 trillion to $1.392 trillion. The Milliman 100 PPFI asset value decreased from $3.282 trillion at the end of the third quarter to $3.267 trillion at the end of the fourth quarter. The total pension liability increased from $4.620 trillion at the end of the third quarter to an estimated $4.659 trillion at the end of the fourth quarter.