ProfileFY2024 PRB Verified
Midland FF sits at #10 of 42 Texas Local Fire Fighters Retirement Act (TLFFRA) plans by assets under management (AUM). Its FY2024 funded ratio of 69.64% is near the TLFFRA simple mean of 65.6%. The plan's effective amortization period of 28.8 years is between the PRB's preferred range and statutory maximum. The 7.00% discount rate is more conservative than the TLFFRA median of 7.25%. The plan uses Entry Age Normal cost method and an actuarial contribution policy.
Plan AdministrationLocal Board · Local Operations
Phone (PRB filing)
(432) 889-1928
Mailing Address
105 North G, Suite 201, Midland, TX 79701
Source: PRB plan-detail page #248.
Membership & ContributionsPRB Filing
Active / Annuitant Ratio
1.26
Employee Contribution
14.20% of pay
Employer Contribution
24.20% of pay
Source: PRB plan-detail page #248.
Benefit TermsTier 1 Provisions
Normal Retirement
Age/YCS: 52/22
Benefit Formula (Tier 1)
3.3% x Final Average Salary x YCS up to 20 + 2% x YCS 21-30 + 1% x YCS > 30
Final Average Salary
Highest 72 months
COLA
2% simple, after receiving benefits for 5 yrs provided fund's investment performance does not fall below rolling audited 5-yr avg of 8.25%
Source: PRB plan-detail page #248. Tier 1 reflects the primary benefit tier; some plans have a separate Tier 2 for members hired after a specified date. See the PRB page for full plan provisions.
Service ProvidersActuary · Custodian · Advisor · Auditor
Service providers: Not separately published in PRB filings or on the fund's public materials. TLFFRA boards typically retain an independent actuary, a bank custodian, an investment consultant, and an external auditor. Service-provider engagements are local-board records and typically become public through board minutes (available by request from the plan administrator) or in the audited financial statements filed with the PRB. The fund's website (linked above) often lists current providers under a "Service Providers" or "Board" tab.
Sponsoring AgencyMidland Fire Department
Sponsoring Fire Department: The Midland Fire Department covers the City of Midland, Midland County. The fund covers 252 active firefighters and 200 annuitants as reported on the PRB-1000 filing. Department-level operational detail (station count, apparatus, accreditation, ISO rating) is not separately tracked in TLFFRA filings; the City of Midland's fire department web page is the canonical source.
FY2024 Financials & Actuarial DetailTexas Pension Review Board
Market Value of Assets
$91,093,466
Actuarial Value of Assets
$147,384,692
Actuarial Accrued Liability
$211,640,254
Funded Ratio (Actuarial)
69.64%
Effective Amortization
28.8 years
Inflation Assumption
2.75%
Total Expenses (% of Assets)
1.309% (130.9 bps) #40 of 42 (lowest=best)
Cost Method
Entry Age Normal
Contribution Type
Actuarial
View this plan's full PRB record →
Expense ratio note: The "Total Expenses (% of Assets)" line is the PRB's published total operating expenses (administrative + investment-related) as a percentage of net assets, sourced from each plan's annual financial report. Per the PRB's own disclaimer: "Due to inconsistencies in reporting of investment expenses, this data may not be an entirely accurate depiction of true investment-related expenses paid." Lower is generally better but cohort context matters. Smaller funds carry higher fixed administrative costs. The 42-fund average is 0.708% (70.8 bps); median is 0.675% (67.5 bps). Source: PRB expenses CSV →