The overall estimated funding ratio of the 100 largest U.S. public pension plans fell in October, the first such decline since April, according to the Milliman 100 Public Pension Funding index.

The drop in the funding ratio to 81.2% as of Oct. 31 from the estimate of 82.8% as of Sept. 30 was primarily the result of negative investment returns. It was the first decline after five straight months of increases due to strong market returns.

Before that streak had begin, Milligan’s estimated funding ratio had been 77.6% as of April 30.

The aggregate estimated investment return for October was -1.6%, with estimated returns ranging from -2.9% to -0.6% for the month.

“October’s negative market performance undid September’s progress and drove five plans back below the 90% funded mark as of October 31,” said Rebecca Sielman, principal and consulting actuary at Milliman and author of the Milliman 100 Public Pension Funding index, in a Nov. 20 news release.

“Currently, 29 plans stand above this benchmark compared to 34 at the end of last month. At the lower end of the spectrum, 15 plans remain less than 60% funded, a slight increase from 14 plans below this threshold at the end of September,” said Sielman.

Also as of Oct. 31, a total of 11 pension plans had funding ratios between 60% and 70% (the same as Sept. 30), 20 plans were between 70% and 80% (up from 18), and 25 plans were between 80% and 90% (up from 23).

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