Jesse Martinez, President of the Professional Firefighters Association of Midland (PFAM), said area firefighters are disappointed in the decision to postpone a proposed plan to improve pension funding for firefighters, saying the plan could have “easily been accepted.” He made his statement following the Midland Firefighter Pension Trustees meeting on Oct. 30 after a vote on the deferral passed.
“Today’s meeting of the Board of Trustees will be disappointing to Midland firefighters,” said Martinez. “The Board was forced to postpone a simple, straightforward plan for firefighters to act in accordance with the desires of the City Council,” he said. “The plan brought by the Firefighter Trustees on the Board could easily have been accepted.”
The proposed plan, titled Funding Soundness Restoration Plan (FSRP), follows a design by the state to help pension funds struggling to meet their obligations to retirees. A vote on the plan was deferred for 72 hours after requests from Midland’s Mayor and the City Director of Finance for additional review time.
According to Martinez, Midland City Manager Tommy Gonzalez told the trustees last year that the city would issue an $80 million bond to address the pension’s funding shortfall. “Now, one year later, it feels like we are no closer to resolution,” he said.
The Board agreed to issue a Request for Proposals (RFP) for a lobbyist to represent the pension fund before the legislature during the legislative session that will begin in January. According to Martinez, the session is expected to focus on a state law that governs firefighter pension funds, including Midland’s.
Martinez also said that the Texas Local Fire Fighters Retirement Act (TLFFRA) has been evaluated by the Pension Review Board and will undergo “significant legislative scrutiny” as a result.
A special meeting of the Midland Firefighter Pension Trustees will be held Nov. 4 to revisit the plan.