Each year, Milliman publishes comprehensive studies analyzing the funded status of U.S. defined benefit (DB) pension plans across three primary sectors: multiemployer, corporate, and public plans. These studies provide a consistent perspective on the financial health and evolving challenges of the nation’s retirement systems. This article, originally published in the American Society of Pension Professionals & Actuaries' Plan Consultant magazine, summarizes our findings for 2025 and draws comparisons across the sectors, highlighting the trends and drivers that shaped results over the past year.
Each of the three types of plans serves a distinct group of participants and operates under unique regulatory frameworks. Multiemployer plans are collectively bargained arrangements typically covering unionized workers from multiple employers within the same industry, such as construction or trucking. Corporate plans are sponsored by individual private-sector companies and generally provide retirement benefits to their own employees. Public plans are established by state and local governments to offer retirement security to public employees, including teachers, police officers, and other civil servants.
Topics discussed for the three sectors include the following:
- Multiemployer plans: Funded status climbs, Special Financial Assistance program winding down
- Corporate plans: Surplus funding and long-term risk management
- Public plans: Investment gains amid persistent structural challenges
This article originally appeared in the Summer 2026 issue of the American Society of Pension Professionals & Actuaries' Plan Consultant magazine.