US public pension profile· SDRS
South Dakota Retirement System
Funding, investment choices and long-term returns.
South Dakota ·Fiscal year 2025
SDRS: fiscal year 2025 at a glance
- Market value of assets
- USD 15.3 billion
- Total membership
- 105,473
- Funded ratio
- 100.06%
- Assumed investment return
- 6.50%
Asset allocation in 2025
| Public equity | 21.10% |
|---|---|
| Fixed income | 17.10% |
| Private equity | 10.40% |
| Real estate | 13.00% |
| Hedge funds | 1.00% |
| Cash | 37.40% |
Returns to 2025
| One year | 5.45% |
|---|---|
| Five years | 7.47% |
| Ten years | 6.53% |
SDRS: size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 4.9 billion | 60,593 | 96.40% | 8.00% |
| 2002 | USD 4.6 billion | 62,485 | 96.70% | 8.00% |
| 2003 | USD 4.8 billion | 63,934 | 97.20% | 8.00% |
| 2004 | USD 5.5 billion | 65,555 | 97.70% | 8.00% |
| 2005 | USD 6.2 billion | 66,830 | 96.60% | 7.75% |
| 2006 | USD 6.8 billion | 67,958 | 96.70% | 7.75% |
| 2007 | USD 8.2 billion | 70,035 | 97.10% | 7.75% |
| 2008 | USD 7.3 billion | 71,434 | 97.20% | 7.75% |
| 2009 | USD 5.6 billion | 72,531 | 91.80% | 7.75% |
| 2010 | USD 6.5 billion | 73,232 | 96.30% | 7.75% |
| 2011 | USD 7.9 billion | 74,220 | 96.40% | 7.75% |
| 2012 | USD 7.8 billion | 75,368 | 92.60% | 7.25% |
| 2013 | USD 9.1 billion | 77,103 | 100.00% | 7.25% |
| 2014 | USD 10.6 billion | 79,326 | 100.00% | 7.25% |
| 2015 | USD 10.8 billion | 81,633 | 100.00% | 7.25% |
| 2016 | USD 10.5 billion | 84,048 | 100.00% | 7.25% |
| 2017 | USD 11.6 billion | 86,251 | 100.08% | 6.50% |
| 2018 | USD 12.2 billion | 88,106 | 100.02% | 6.50% |
| 2019 | USD 12.5 billion | 89,685 | 100.09% | 6.50% |
| 2020 | USD 12.3 billion | 92,325 | 100.14% | 6.50% |
| 2021 | USD 14.6 billion | 94,675 | 105.53% | 6.50% |
| 2022 | USD 14.1 billion | 97,830 | 100.07% | 6.50% |
| 2023 | USD 14.5 billion | 100,828 | 100.07% | 6.50% |
| 2024 | USD 14.9 billion | 103,299 | 100.03% | 6.50% |
| 2025 | USD 15.3 billion | 105,473 | 100.06% | 6.50% |
SDRS: asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 56.94% | 22.98% | 3.70% | 5.69% | 9.39% | 1.30% |
| 2002 | 59.10% | 25.00% | 3.70% | 6.40% | 4.70% | 1.10% |
| 2003 | 58.40% | 23.20% | 4.10% | 6.20% | 5.20% | 2.90% |
| 2004 | 61.60% | 22.00% | 4.40% | 4.50% | 6.40% | 1.10% |
| 2005 | 60.50% | 20.60% | 4.30% | 6.80% | 7.60% | 0.20% |
| 2006 | 56.90% | 16.50% | 5.00% | 6.40% | 6.90% | 8.30% |
| 2007 | 53.50% | 15.20% | 6.80% | 10.50% | 6.30% | 7.70% |
| 2008 | 49.80% | 19.60% | 9.80% | 13.00% | 6.50% | 1.30% |
| 2009 | 52.90% | 24.10% | 9.40% | 8.50% | 4.80% | 0.30% |
| 2010 | 49.80% | 21.80% | 11.30% | 9.30% | 4.90% | 2.90% |
| 2011 | 52.30% | 18.50% | 11.60% | 12.80% | 3.20% | 1.20% |
| 2012 | 50.10% | 20.30% | 11.00% | 14.40% | 2.50% | 1.40% |
| 2013 | 55.50% | 17.20% | 9.50% | 14.10% | 2.30% | 1.40% |
| 2014 | 57.00% | 15.60% | 9.00% | 14.30% | 1.00% | 3.10% |
| 2015 | 55.70% | 16.90% | 8.00% | 10.70% | 1.00% | 7.70% |
| 2016 | 50.80% | 23.60% | 6.80% | 11.60% | 0.90% | 6.30% |
| 2017 | 48.60% | 20.70% | 6.70% | 9.30% | 1.00% | 13.70% |
| 2018 | 45.10% | 19.10% | 7.90% | 8.20% | 1.00% | 18.70% |
| 2019 | 43.81% | 27.37% | 7.05% | 7.86% | 0.90% | 13.01% |
| 2020 | 37.83% | 27.96% | 7.42% | 9.14% | 0.63% | 17.01% |
| 2021 | 24.10% | 22.60% | 10.90% | 10.00% | 0.60% | 31.80% |
| 2022 | 22.50% | 17.50% | 11.00% | 11.50% | 1.00% | 36.50% |
| 2023 | 22.56% | 16.77% | 11.18% | 13.67% | 1.00% | 34.83% |
| 2024 | 21.00% | 17.20% | 10.90% | 12.80% | 0.90% | 37.20% |
| 2025 | 21.10% | 17.10% | 10.40% | 13.00% | 1.00% | 37.40% |
SDRS: investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -2.90% | Not reported | 12.50% |
| 2002 | -4.90% | Not reported | 10.60% |
| 2003 | 5.00% | Not reported | 9.50% |
| 2004 | 16.60% | Not reported | 10.70% |
| 2005 | 13.30% | 5.08% | 9.20% |
| 2006 | 13.10% | 8.33% | 10.29% |
| 2007 | 21.39% | 13.75% | 10.30% |
| 2008 | -8.65% | 10.63% | 7.40% |
| 2009 | -20.36% | 2.50% | 3.60% |
| 2010 | 18.70% | 3.46% | 4.30% |
| 2011 | 25.80% | 5.70% | 7.00% |
| 2012 | 1.90% | 2.10% | 7.80% |
| 2013 | 19.02% | 7.12% | 8.73% |
| 2014 | 18.90% | 16.20% | 9.00% |
| 2015 | 4.20% | 13.40% | 8.10% |
| 2016 | 0.30% | 8.50% | 6.80% |
| 2017 | 13.81% | 10.98% | 6.42% |
| 2018 | 7.94% | 8.83% | 8.21% |
| 2019 | 4.88% | 6.13% | 11.23% |
| 2020 | 1.59% | 5.60% | 9.52% |
| 2021 | 22.03% | 9.82% | 9.18% |
| 2022 | -0.69% | 6.86% | 8.90% |
| 2023 | 5.84% | 6.44% | 7.63% |
| 2024 | 6.02% | 6.68% | 6.40% |
| 2025 | 5.45% | 7.47% | 6.53% |