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Midland council approves funding agreement to transfer roughly $54.5 million to firefighters' relief fund
Summary
The Midland City Council approved a resolution authorizing an administration and funding agreement with the Midland Fireman's Relief and Retirement Fund and the transfer of approximately $54.5 million to fund pension obligations; the fund's board affirmed an actuarially determined contribution rate intended to prevent future shortfalls.
The Midland City Council approved a resolution authorizing execution of an administration and funding agreement with the Midland Fireman's Relief and Retirement Fund and authorized transfer of about $54.5 million to the fund.
Council members and fund board representatives said the payment closes a long-running funding issue that followed a series of benefit and contribution changes. Council members and board members described overtime rule changes and member contribution adjustments that occurred earlier, and said the council moved to transfer funds now to settle the outstanding obligation rather than wait several months.
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