City of Midland and FRRF working to get firefighters’ pensions back on track
MIDLAND, Texas (KOSA) -A forensic audit found that the City of Midland’s fire pension is underfunded and three million dollars were lost because of poor investments.
Because of countless overtime and understaffing throughout the last twenty years, they find themselves with a remaining unfunded liability of 100 million dollars.
However, the city, the Firemen’s Relief and Retirement Fund, and other local entities have already put into place solutions that the city says will help reduce that debt, and get firefighters’ pensions back on track.
Midland Mayor Lori Blong says they will propose a two percent increase in the city’s contribution toward this fund. As well as looking at other options to reduce it.
However, she says that they will have to eventually address this with a voter-approved bond to pay for the unfunded liability.
The city has until 2025 to get the money before the state gets involved in resolving this issue.
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