City of Saginaw to Receive Over $38.6 Million to Support Pension Program

The City of Saginaw will receive $38,678,237 in state funding to help support its pension retirement system.

The grant is part of the $750 million Protecting MI Pension Plan through the Michigan Department of Treasury, which aims to bolster underfunded government retirement systems around the state.

According to City’s 2021 Retirement System Annual Report, Saginaw’s pension system is only 49.1% funded.

“The impact of growing pension payments has drastically affected the City’s ability to provide valuable services to our citizens,” said City Manager Tim Morales. “The Protecting MI Pension Grant Program will significantly improve the financial stability for the City and provide an overall benefit to our operations.”

According to the Michigan Department of Treasury, other area municipalities’ pension systems, including Midland, Auburn, Pinconning, Chesaning, and Richland Township also qualified for funding based off their 2021 reports.