REPORT SHOWS PROGRESS MADE WITH FIREMEN'S RETIREMENT FUND
(Oct. 16, 2025)
MIDLAND, TEXAS -- Swift action by Midland’s firefighters and City of Midland leaders has vaulted the Midland Firemen’s Relief and Retirement Fund into the top third of pension funds nationwide.
Justin Graham, chairman of the Firefighters Relief and Retirement Fund, provided an update on the fund this week and noted net returns of 11.48% in 2024 and 9.6% this year.
Graham also told the council that board turnover, benefit reductions by firefighters, the multi-million-dollar city contribution were factors in the turnaround that he said has been quicker than normal.
“Once we were able to realize the weight of the problem, we were able to take action,” Graham said. “And through collaboration of the city, we were able to make quick changes that have turned this thing around.”
The Midland Firemen’s Relief and Retirement Fund had an unfunded liability of 120,942,577 according to the December 31, 2023 valuation. Graham reported the following:
- Current assets of greater than 154 million,
- amortization period moved from infinite to 28.8 years,
- Funded ratio moved from 43% to 69.6%,
- Moved from 99 percentile to top 31 percentile of pension funds nationwide.
Assets, he said, are at an all-time high and are continuing to grow. His reported also stated, “Through thoughtful and strategic governing the board and the council have created a productive environment for future stability and accountability.”
“I want always remember to say thank you to the firefighters and their families who have worked with us through this process,” Midland Mayor Lori Blong said. “They’ve had to give up some of their benefits to be able to come to the solution, and the City of Midland has given $54 million to the solution. This truly has been a partnership that has been costly for everyone, and I’m thankful everyone stayed at the table to get it done.”