Is Sioux Falls ERS fully funded?

Sioux Falls ERS has a source-reconciled actuarial funded ratio of 107.0% as of FY2024, earning a health grade of C. The reported ratio shows actuarial assets divided by actuarial accrued liabilities for the stated fiscal year. Its interpretation depends on the plan's assumptions, valuation date, and contribution history.

What happens if Sioux Falls ERS runs out of money?

A public plan's reported ratio is only one part of its financial picture. PlainPension does not predict actions by Sioux Falls ERS, South Dakota, or any public body.

What does a funded ratio of 107.0% mean?

A funded ratio of 107.0% means that Sioux Falls ERS reported actuarial assets equal to 107.0% of its accrued liabilities at that valuation date. The source-reported actuarial unfunded liability stands at $-42M. This is considered adequately funded.

How does Sioux Falls ERS compare to other public pensions?

Sioux Falls ERS is a General State plan in South Dakota serving 1,296 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 75.5%. Sioux Falls ERS's source-reconciled actuarial funded ratio of 107.0% places it above the national average, reflecting strong fiscal management.

How many members does Sioux Falls ERS have?

Sioux Falls ERS covers 1,296 total members, including 423 active employees and 783 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.

FY2024 source-reconciled actuarial data · Public Plans Database

Sioux Falls ERS

The Public Plans Database's 23-year record for Sioux Falls ERS: funded ratio, unfunded liability, member counts, and investment returns, compiled by Boston College CRR and cross-checked against actuarial valuations.

Browse all states → How we grade plans

By PlainPension · July 2026 · South Dakota · General State Plan · Data through FY2024

Actuarial funded ratio: 107.0%
Health grade: CReported funded ratio below full funding
Actuarial assets: $648M
Members: 1,296

According to the Public Plans Database, compiled by the Boston College Center for Retirement Research, Sioux Falls ERS is one of 197 public pension plans tracked nationwide. The plan card reports source-reconciled actuarial figures through FY2024; the multi-year table includes only years whose reported ratio ties to its actuarial dollars. This site’s database copy was last loaded in July 2026. See our methodology for the full source and update cadence.

Smaller membership book

Sioux Falls ERS ranks #179 of 190 by reported members (1,296), bottom-third membership book among plans with a count.

Sioux Falls ERS in the smaller-membership third

According to the Public Plans Database, Sioux Falls ERS carries a bottom-third membership book (1,296, #179 of 190) with a 107.0% actuarial funded ratio (grade C).

107.0%
Funded · #133 of 192: C
Health grade: 1,296
Members · #179 of 190: +8.7pp
FY2001→FY2024

Subscribe to funded-ratio changes (RSS)

Actuarial Unfunded Liability

$-42M

Reported surplus · source-reported UAAL

Total Members

1,296

active + retired + vested

1-Year Return

13.1%

Strong return year · net investment return

8.3pp vs 5-yr avg

5-Year Avg Return

4.8%

Below assumed rate · annualized, net of fees

C+

Composite Health Score

62/100

Sioux Falls ERS

Transparent derived index from public pension-plan filings, not an official rating. A 4-dimension composite (funded ratio, contribution discipline, 5-year investment return, unfunded burden), each scored against this dataset's own percentile distribution across 197 reporting plans. Not the same as the plan's headline funded-ratio grade above. See the exact dimensions, weights, and formula.

Funded Ratio A+

107.0%

Actuarial assets as a share of liabilities

Contribution Discipline F

100.0%

Share of the actuarially required contribution actually paid

Investment Returns F

4.8%

5-year annualized investment return

Unfunded Burden A+

-7.3%

Unfunded liability as a share of total obligations

How this score is calculated (benchmark table)

Dimension	P10	P25	P50	P75	P90	Weight
Funded ratio (higher = better)	57.6%	67.2%	75.0%	87.0%	97.6%	0.35
Contribution discipline (ARC) (higher = better)	88.4%	100.0%	100.0%	104.1%	122.1%	0.25
5yr investment return (higher = better)	6.4%	7.5%	8.3%	9.1%	9.9%	0.20
Unfunded burden (lower = better)	2.0%	12.7%	25.0%	33.1%	42.4%	0.20

Percentiles computed across all 197 plans in this database with a reported value for that metric (2026-09-09). A dimension a plan does not report drops out of its composite, and that weight redistributes across the dimensions it does report, so thin reporting never silently lowers a score relative to a fully-reported peer.

Participant Composition

Investment Policy Mix

What changed, FY2023 to FY2024

1.9 pts funded ratio

Sioux Falls ERS's funded ratio fell 1.9 points from FY2023 to FY2024, with assets contributing +2.2 points and the accrued liability contributing -4.1.

Funded ratio

108.9% → 107.0%

Actuarial assets

$635M → $648M (+2.0%)

Accrued liability

$583M → $605M (+3.8%)

Where the 1.9-point move came from

Assets: +2.2 pts
Accrued liability: -4.1 pts

Accrued liability is the source-reported value for benefits already promised. The two contributions are the move the ratio would have made on the prior year’s liability (assets) and the remainder (liability); they sum to the total by construction. Both years shown provide source-reconciled actuarial assets and liability, so neither figure rests on a ratio published on its own. Source: Public Plans Database (Boston College CRR / NASRA), loaded July 2026. See our funding-change board for how this plan’s move compares with the rest of the dataset.

Historical Actuarial Funding

Year	Actuarial Ratio	Assets	Liabilities	UAAL	Members	ARC	1yr return
2024	107.0%	$648M	$605M	$-42M	N/A	100.0%	9.7%
2023	108.9%	$635M	$583M	$-52M	1,296	100.0%	13.1%
2022	110.8%	$625M	$564M	$-61M	1,313	103.2%	-16.2%
2021	115.6%	$630M	$545M	$-85M	1,328	100.0%	13.8%
2020	101.3%	$529M	$522M	$-7M	1,344	100.0%	3.6%
2019	99.9%	$502M	$502M	$1M	1,365	102.0%	6.1%
2018	101.4%	$485M	$479M	$-7M	1,382	105.1%	10.3%
2017	106.9%	$478M	$447M	$-31M	1,399	100.1%	13.3%
2016	87.2%	$391M	$448M	$57M	1,416	100.0%	8.3%
2015	84.3%	$363M	$431M	$67M	1,442	100.2%	-0.3%
2014	84.2%	$339M	$403M	$64M	1,478	100.0%	8.4%
2013	83.4%	$311M	$373M	$66M	1,501	100.0%	16.3%
2012	81.3%	$282M	$347M	$65M	1,493	97.0%	13.8%
2011	87.4%	$264M	$302M	$38M	1,465	91.0%	1.0%
2010	89.5%	$259M	$290M	$31M	1,434	100.0%	14.7%
2009	87.7%	$249M	$284M	$35M	1,413	100.0%	17.6%
2008	92.6%	$242M	$261M	$19M	1,384	100.0%	-14.0%
2007	96.7%	$238M	$246M	$8M	1,368	100.0%	9.1%
2006	95.8%	$213M	$222M	$9M	1,343	100.0%	0.1%
2005	92.5%	$195M	$211M	$16M	1,327	100.0%	0.9%

What the Data Says About Sioux Falls ERS

Sioux Falls ERS is one of the more fully funded plans in the Public Plans Database, 31 points above the 75.5% national average across tracked plans. A 5-year average investment return of 4.8% factors into the plan's overall trajectory.

For South Dakota taxpayers and plan members, the $-42M source-reported actuarial unfunded liability is the 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

423

Active Members

783

Retirees

1,296

Total Members

Plan Details

Plan Type: General State
State: South Dakota
Market Assets: $623M

Source: Public Plans Database (PPD)
Boston College CRR / NASRA

Plans With a Similar Funded Ratio

The closest plans nationwide to Sioux Falls ERS's 68.8% funded ratio.

Showing 5 of 191 plans nationwide with a reported funded ratio.

Mississippi Public Employees Retirement System 68.8%
Pittsburgh Municipal 68.7%
Montana Teachers Retirement System 69.0%
Atlanta General Employees Pension Fund 68.6%
Bismarck Police Plan 69.0%

Other South Dakota Plans

South Dakota Retirement System 78.1%
Sioux Falls Fire 22.8%

All South Dakota plans →

Read with this plan

Cite this page

PlainPension, “Sioux Falls ERS: Funded Ratio, Assets, and Actuarial Data.” Compiled from the Public Plans Database (PPD), compiled by the Boston College Center for Retirement Research with MissionSquare Research Institute and NASRA; data as of FY2023 plan card; history through FY2024. https://plainpension.com/plan/sioux-falls-ers

Formal citation formats (APA / MLA)

APA: PlainPension. (2023). Sioux Falls ERS: Funded Ratio, Assets, and Actuarial Data. Retrieved September 23, 2026, from https://plainpension.com/plan/sioux-falls-ers

MLA: "Sioux Falls ERS: Funded Ratio, Assets, and Actuarial Data." PlainPension, 2023, https://plainpension.com/plan/sioux-falls-ers.

You are welcome to quote these figures with attribution to PlainPension and the underlying source. The URL above is stable. See our Terms of Use for what reuse is permitted.

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. Sioux Falls ERS ranks #133 of 192 by funded ratio and #179 of 190 by membership. This information is for informational purposes only and does not constitute professional advice, consult a qualified professional before acting on it. See our editorial standards & corrections policy, the typed corrections pathway, the methodology behind these numbers, or report a data error. Data current as of July 2026.

Compiled by PlainPension · July 23, 2026