Funded Ratio
24.4%
actuarial assets / liabilities
Plan
Sioux Falls Fire
State
South Dakota
Funded Ratio
24.4%
Assets
$211M
Members
299
Health Grade: F — Critical — deeply underfunded, potential for benefit cuts
FY2023 data Grade F Public Plans Database
Sioux Falls Fire
Funded ratio, unfunded liability, member counts, ARC coverage, and 23-year financial history for Sioux Falls Fire — sourced from the Public Plans Database (Boston College CRR) and cross-checked against actuarial valuations.
F
Financial Health Grade
Critical — deeply underfunded, potential for benefit cuts
Unfunded Liability
$653M
actuarial shortfall
Total Members
299
active + retired + vested
1-Year Return
9.2%
net investment return
-1.6pp vs 5-yr avg
5-Year Avg Return
10.8%
annualized, net of fees
ARC Payment
89.2%
of actuarially required contribution
How Sioux Falls Fire Funded Ratio Compares
Plan Funded Ratio 24.4%
National avg
A ratio of 24.4% compared against the national public-pension average of 73.5%.
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 Form 5500 Schedule H Part I disclosures. 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 | 24.4% |
| 2023 | 22.8% |
| 2022 | 20.8% |
| 2021 | 20.1% |
| 2020 | 19.4% |
| 2019 | 18.2% |
| 2018 | 18.4% |
| 2017 | 20.1% |
| 2016 | 21.3% |
| 2015 | 23.2% |
| 2014 | 22.8% |
| 2013 | 24.0% |
| 2012 | 24.7% |
| 2011 | 28.6% |
| 2010 | 32.8% |
| 2009 | 37.0% |
| 2008 | 40.3% |
| 2007 | 42.8% |
| 2006 | 41.0% |
| 2005 | 41.8% |
What the Data Says About Sioux Falls Fire
Sioux Falls Fire reports a funded ratio of 24.4% as of fiscal year 2023, earning a financial health grade of F in the Public Plans Database. The plan holds $211M in market assets against an unfunded liability of $653M. As a Police & Fire plan operating under South Dakota sponsorship, it covers 299 members (103 active contributors, 191 retirees drawing benefits). These figures aggregate from Form 5500 filings submitted to the Department of Labor and actuarial valuations reported through NASRA.
A funded ratio below 60% reflects significant underfunding relative to the national average of 72–75%, which typically triggers escalating employer contributions or legislative reform conversations. Employer contributions covered 89.2% of the Annual Required Contribution in the most recent reporting cycle, while the plan posted a 5-year average investment return of 10.8%. The relationship between contribution adequacy and investment performance determines whether the unfunded liability narrows or expands year over year.
For South Dakota taxpayers and plan members, the $653M unfunded gap represents the actuarial shortfall that must eventually be closed through a combination of contributions, investment returns, or benefit modifications. Unlike private-sector pensions governed by ERISA and backstopped by the PBGC, public plans like Sioux Falls Fire rely on the full faith and credit of South Dakota — meaning funding shortfalls flow through to state and local budgets rather than a federal insurance program. This information summarizes official Public Plans Database disclosures and is provided for research and educational purposes only. It is not financial, legal, or retirement-planning advice; active and retired members with specific benefit questions should consult their plan administrator directly.
Membership
103
Active Members
191
Retirees
299
Total Members
Plan Details
- Plan Type
- Police & Fire
- State
- South Dakota
- Market Assets
- $211M
- ARC Payment
- 89.2%
Source: Public Plans Database (PPD)
Boston College CRR / NASRA
Boston College CRR / NASRA
Other South Dakota Plans
- South Dakota Retirement System 80.4%
- Sioux Falls ERS 68.8%
Related Resources
Frequently Asked Questions
Is Sioux Falls Fire fully funded?
Sioux Falls Fire has a funded ratio of 24.4% as of FY2023, earning a health grade of F. A funded ratio of 100% means the plan has enough assets to cover all projected liabilities. Ratios above 80% are generally considered adequately funded; ratios below 60% indicate significant underfunding and risk to future benefits.
What happens if Sioux Falls Fire runs out of money?
Public pension plans like Sioux Falls Fire are backed by the sponsoring government entity — in this case South Dakota. If a plan's assets are insufficient, the state or local government is typically required to make up the difference through increased contributions, benefit adjustments, or tax measures. Unlike private pensions, public pensions are not insured by the PBGC, but they do carry the full faith and credit of the sponsoring government.
What does a funded ratio of 24.4% mean?
A funded ratio of 24.4% means that Sioux Falls Fire currently has assets equal to 24.4% of its projected benefit obligations. The unfunded liability — the gap between assets and liabilities — stands at $653M. This level of underfunding typically requires corrective action such as increased contributions or benefit restructuring.
How does Sioux Falls Fire compare to other public pensions?
Sioux Falls Fire is a Police & Fire plan in South Dakota serving 299 members. Nationally, the average funded ratio for public pension plans tracked by the Public Plans Database is approximately 72–75%. Sioux Falls Fire's funded ratio of 24.4% places it below the national average, indicating elevated fiscal pressure.
How many members does Sioux Falls Fire have?
Sioux Falls Fire covers 299 total members, including 103 active employees and 191 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.
What is the ARC payment percentage for Sioux Falls Fire?
Sioux Falls Fire pays 89.2% of its Annual Required Contribution (ARC). While below the full 100% target, this contribution level helps slow the growth of unfunded liabilities. Employer contribution patterns are tracked annually in the Public Plans Database.
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 Kiznis Studio Editorial
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.
All federal data sources used on this page
- U.S. Census Bureau ACS — demographic + housing + income data. census.gov/programs-surveys/acs
- BLS Occupational Employment and Wage Statistics (OEWS) — wage + employment by occupation. bls.gov/oes
- BEA Regional Economic Accounts — GDP + personal income by state/metro. bea.gov/data/regional
- U.S. Census Bureau County Business Patterns — establishment + employment by industry. census.gov/cbp
- IRS Statistics of Income (SOI) — tax-return aggregate data. irs.gov/statistics
- data.gov — U.S. federal open-data portal — discovery layer for additional federal sources. data.gov