A few months ago, Midland Firefighters confirmed that the county’s local Firemen’s Relief and Retirement Fund is underfunded by $109 million, Midland Reporter-Telegram reported.
The city confirmed this past week that the liability has dropped by $9 million following a series of modifications approved by Midland Fire Department members in a vote. City officials also confirmed that firefighters will work in collaboration with a financial committee and actuarial consulting firm to reduce potential liabilities.
An election for May would have to be scheduled and confirmed by February or March, the city said.
During the Midland City Council’s budget workshop Mayor Lori Blong said the efforts may not be enough to cover the retirement fund in its entirety.
Blong also said a vote would be called only after a plan was executed.