Swift action by Midland’s firefighters and city officials has significantly improved the status of the Midland Firemen’s Relief and Retirement Fund, according to an update presented this week. Justin Graham, chairman of the fund, reported that it now ranks in the top third of pension funds nationwide.
Graham highlighted strong net returns for the fund: 11.48% in 2024 and 9.6% so far this year. He attributed the improvement to several factors, including board turnover, benefit reductions agreed to by firefighters, and a multi-million-dollar contribution from the City of Midland.
“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. Since then, assets have grown above $154 million—an all-time high—and are continuing to increase. The amortization period for liabilities has dropped from infinite to 28.8 years, while the funded ratio has risen from 43% to nearly 70%. The fund’s national ranking improved from near the bottom (99th percentile) into the top third (31st percentile) among pension funds.
Graham stated that “through thoughtful and strategic governing,” both board members and council leaders have established a foundation for future stability and accountability.
Midland Mayor Lori Blong expressed gratitude toward those involved in addressing these challenges: “I want always remember to say thank you to the firefighters and their families who have worked with us through this process,” she 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.”