Unfunded Liability
$154M
actuarial shortfall
FY2023 data · Public Plans Database
Des Moines Water Works
Funded ratio, unfunded liability, member counts, and 23-year financial history for Des Moines Water Works, sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.
By PlainPension · · Iowa · General State Plan · Data through FY2023
- Funded ratio
- 26.3%
- Health grade
- FLowest reported funded-ratio band in this dataset
- Market assets
- $55M
- Members
- 332
According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, Des Moines Water Works is one of 197 public pension plans tracked nationwide; PlainPension's dataset was last refreshed in May 2026, see our methodology for the full source and update cadence.
Total Members
332
active + retired + vested
1-Year Return
11.3%
net investment return
3.4pp vs 5-yr avg
5-Year Avg Return
7.9%
annualized, net of fees
How Des Moines Water Works Funded Ratio Compares
Plan Funded Ratio 26.3%
National avg
A ratio of 26.3% compared against the national public-pension average of 75.5%.
Healthy Threshold
Plans above 80% are generally considered adequately funded by NASRA standards.
Participant Composition
The active-to-retiree ratio is a leading indicator of long-term plan sustainability, plans with more retirees than active contributors face mounting cash-flow pressure as benefit payments outpace incoming contributions.
Investment Policy Mix
Public pension plans report their asset allocation in their annual CAFR and actuarial valuation. Equity-heavy mixes capture market upside but introduce volatility; fixed-income tilts protect funded status during downturns at the cost of long-run return.
Historical Funded Ratio
| Year | Funded Ratio |
|---|---|
| 2024 | 28.0% |
| 2023 | 26.3% |
| 2022 | 25.4% |
| 2021 | 24.7% |
| 2020 | 23.9% |
| 2019 | 23.9% |
| 2018 | 26.7% |
| 2017 | 26.3% |
| 2016 | 26.2% |
| 2015 | 27.1% |
| 2014 | 25.6% |
| 2013 | 31.4% |
| 2012 | 33.6% |
| 2011 | 31.9% |
| 2010 | 34.1% |
| 2009 | 33.5% |
| 2008 | 38.6% |
| 2007 | 39.5% |
| 2006 | 37.4% |
| 2005 | 37.9% |
What the Data Says About Des Moines Water Works
Des Moines Water Works reports a funded ratio of 26.3% as of fiscal year 2023, earning a financial health grade of F in the Public Plans Database. The plan holds $55M in market assets against an unfunded liability of $154M. As a General State plan operating under Iowa sponsorship, it covers 332 members (91 active contributors, 202 retirees drawing benefits).
Des Moines Water Works reports assets covering only a small share of its projected obligations, 49 points below the 75.5% national average across tracked plans. A 5-year average investment return of 7.9% factors into the plan's overall trajectory.
For Iowa taxpayers and plan members, the $154M unfunded gap is the actuarial shortfall this plan must close over time.
Where this data comes from + how funding gaps get resolved
These figures come from the Public Plans Database, a collaboration between the Boston College Center for Retirement Research and NASRA that compiles them from each plan's Comprehensive Annual Financial Reports (CAFRs) and actuarial valuations. The relationship between contribution adequacy and investment performance determines whether an unfunded liability narrows or expands year over year, and the gap itself is typically closed through some combination of higher contributions, investment returns, or benefit modifications. See our methodology for how public-pension funding differs from ERISA-backed private plans, and our disclaimer below before acting on this data.
Membership
91
Active Members
202
Retirees
332
Total Members
Plan Details
- Plan Type
- General State
- State
- Iowa
- Market Assets
- $55M
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Plans With a Similar Funded Ratio
The closest plans nationwide to Des Moines Water Works's 26.3% funded ratio.
Other Iowa Plans
All Iowa plans →Frequently Asked Questions
Is Des Moines Water Works fully funded?
Des Moines Water Works has a funded ratio of 26.3% as of FY2023, earning a health grade of F. A funded ratio compares actuarial assets with actuarial accrued liabilities at a reporting date. A value of 100% means those two reported values are equal; it does not forecast benefits, taxes, or investment performance.
What happens if Des Moines Water Works runs out of money?
Des Moines Water Works is a public plan in Iowa. PlainPension reports the source data and does not determine a plan's legal protections, contribution policy, or future benefit decisions.
What does a funded ratio of 26.3% mean?
A funded ratio of 26.3% means that Des Moines Water Works currently has assets equal to 26.3% of its projected benefit obligations. The unfunded liability, the gap between assets and liabilities, stands at $154M. This level of underfunding typically requires corrective action such as increased contributions or benefit restructuring.
How does Des Moines Water Works compare to other public pensions?
Des Moines Water Works is a General State plan in Iowa serving 332 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. Des Moines Water Works's funded ratio of 26.3% places it below the national average, indicating elevated fiscal pressure.
How many members does Des Moines Water Works have?
Des Moines Water Works covers 332 total members, including 91 active employees and 202 retirees currently receiving benefits. The ratio of active members to retirees is a key indicator of plan sustainability, when the number of retirees grows relative to active contributors, funding pressure increases.
Related
Data sourced from official Public Plans Database and actuarial valuations from federal and state pension systems. See our methodology for details. Retrieved and formatted by PlainPension
Disclaimer: This information is provided for informational purposes only and does not constitute professional advice. Data is sourced from the Public Plans Database (PPD). Consult a qualified professional before making decisions based on this data.
Read our methodology - how this data is sourced, computed, and verified.
Data sources used on this page
- Public Plans Database (PPD) - funded ratios, assets, liabilities, and member counts for US state and local public pension plans, maintained by the Boston College Center for Retirement Research with MissionSquare Research Institute and NASRA. publicplansdata.org
- NASRA - National Association of State Retirement Administrators public-pension actuarial and policy references. nasra.org
Every figure on PlainPension is rendered directly from the Public Plans Database (Boston College Center for Retirement Research), no number is typed in by an editor. This page aggregates this plan's funded ratio, unfunded liability, and multi-year financial history, live from the dataset. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.