FOR IMMEDIATE RELEASE: PLEASE SEE REVISED UPDATE ON FIREMEN’S RELIEF AND RETIREMENT FUND
Midland, TX - This week members of the Midland Fire Department took an important first step in addressing the Firemen’s Relief and Retirement Fund and the impact of this action is a significant one.
The Midland Fire Department members held a Plan Change vote between July 10-21, 2023, to address two items that, if passed, would significantly improve the long-term health of the fund. Over 81% of the members voted on these two items, with an overwhelming majority of 176 votes “for” while only having 27 “against”.
On Thursday, July 27, 2023, members of the Firemen's Relief and Retirement Fund board ratified the 176-27 vote by the Midland Fire Department on the two items addressing the unfunded liability of the Firemen's Relief and Retirement Fund:
1. Overtime earned outside of normal scheduled shift days will no longer count towards retirement.
2. A change to calculate retirement benefits will be based on 60 consecutive pay periods rather than picking the highest 60 months throughout their entire career.
The City of Midland would like to express our gratitude for the support and prompt actions of the members of the Midland Fire Department. Through a single vote, they successfully decreased the unfunded liability.
The City, along with the Firemen's Relief and Retirement Fund board, will continue working together to consider other potential solutions. We will continue to update citizens on our progress and other proposed solutions.
More information on the MFRRF can be found on the City of Midland website https://www.midlandtexas.gov/1111/Firemens-Relief-and-Retirement-Fund