The Midland Firemen’s Relief and Retirement Fund has seen significant improvement, according to an update presented this week to the Midland City Council. Justin Graham, chairman of the fund, reported net returns of 11.48% in 2024 and 9.6% so far this year.
Graham credited the progress to several factors, including changes in board membership, reductions in firefighter benefits, and a multi-million-dollar contribution from the City of Midland. He noted that the turnaround has occurred more quickly than is typical for pension funds.
“Once we were able to realize the weight of the problem, we were able to take action,” Graham said. “And through collaboration of the city, we were able to make quick changes that have turned this thing around.”
As of December 31, 2023, the fund had an unfunded liability of $120,942,577. Graham’s report highlighted several key improvements: current assets now exceed $154 million; the amortization period has been reduced from infinite to 28.8 years; and the funded ratio has increased from 43% to 69.6%. The fund has also moved from the bottom percentile to the top third among pension funds nationwide.
Graham stated that assets are at an all-time high and continue to grow. His report added, “Through thoughtful and strategic governing the board and the council have created a productive environment for future stability and accountability.”
Midland Mayor Lori Blong acknowledged the sacrifices made by firefighters and their families during this process. “I want always remember to say thank you to the firefighters and their families who have worked with us through this process,” Blong said. “They’ve had to give up some of their benefits to be able to come to the solution, and the City of Midland has given $54 million to the solution. This truly has been a partnership that has been costly for everyone, and I’m thankful everyone stayed at the table to get it done.”