The aggregate funding ratio of U.S. city and county pension plans rose to 73% in fiscal year 2013, up from 69% in 2012, said a report from Wilshire Consulting.
Wilshire's report contains data from 109 city and county retirement systems. Of the 109 pension funds, 105 reported actuarial data on or after June 30, 2013, and four reported data before that date.
The funding increase in 2013 was primarily driven by strong global equity markets, the report said.
For the 105 pension funds that reported actuarial data on or after June 30, 2013, assets rose to $428.9 billion, up 10.9% from 2012.