Justin Graham, chairman of the Midland Fireman Relief & Retirement Fund, presented the fund’s 12/31/2024 actuarial valuation to Midland City Council. Graham reported that the fund’s market position improved materially after board governance changes and a large city contribution.

Key figures presented: the fund’s net return for 2024 was reported at 11.448%, and fiscal‑year‑to‑date 2025 performance was cited at about 9.6% (September flash report). Assets are reported at more than $154 million. Those gains, plus a lump‑sum city contribution and benefit changes agreed to by firefighters, moved the fund’s amortization period from effectively infinite to approximately 28.8 years and raised the funded ratio from about 43% to about 69.6%.

Graham said the board rebalanced the portfolio in September 2023 after turnover and engaged a new consultant; he noted the fund has now moved from the 90th percentile (lowest funded) toward the top ~31st percentile among comparable pension plans. He recommended continued emphasis on transparent governance and on establishing a joint committee between the city and fund to create funding guidelines and guardrails for future actuarially determined contributions.

Council members thanked the board for the progress and discussed next steps. The mayor and presenters said the city and fund should set a process that coordinates actuarial contribution decisions with the city’s budget cycle; council asked staff to prepare to convene a small working group including council, fund board members and city staff to develop recommended guidelines and a coordination process.

The presentation was received; no binding council action on the valuation was on the miscellaneous agenda item, though council expressed support for continued coordination and the creation of a joint committee.