Axially loaded piles in liquefiable soils can undergo severe settlement due to an earthquake event. During shaking, the settlement is caused by the decreased shaft and tip capacity from excess pore pressures (ue) generated around the pile. Post shaking, soil settlement from the reconsolidation of liquefied soil surrounding the pile results in the development of additional load (known as drag load), causing downdrag settlement of the pile. Estimating the axial load distribution and pile settlement is essential for designing and evaluating the performance of axially loaded piles in liquefiable soils. In practice, a simplified neutral plane solution method is used, where the liquefied soils are modeled as a consolidating layer without considering the effect of ue generation/dissipation. A TzQzLiq analysis models the load and settlement response of axially loaded piles in liquefiable soils by accounting for the effect of excess pore pressure (ue) generation/dissipation on the shaft and tip capacity. This paper presents the deficiencies of the simplified neutral plane method in predicting the drag load as well as the downdrag settlement by comparing it with the TzQzLiq analysis validated with hypergravity model tests. The results show that the drag load and the downdrag settlement predicted by the neutral plane method might be over- or under-estimated depending on the pile load, the rate of ue dissipation, and the soil settlement. For the cases studied, it was found that most of the pile settlement occurs during shaking due to the decrease in the pile's tip resistance from the development of ue in the soil surrounding it. While large drag loads develop during reconsolidation, the resulting downdrag settlement is small. While the neutral plane method generally predicted a downdrag settlement comparable to that of the TzQzLiq analysis, it overpredicted drag load and could not predict co-seismic settlement. Finally, the study advocates for the development and use of a displacement-based procedure (accounting for all the mechanisms occurring during and after an earthquake event) such as based on TzQzLiq analysis in accurately evaluating the performance of the pile (i.e., the pile settlement and the maximum load), thus providing an overall safe, efficient, and optimized design.