Friday, July 12, 2013

Local Pension Audits Available

from the inbox:

 Auditor General Eugene DePasquale today released audits of municipal pension plans for local government employees in Adams, Allegheny, Armstrong, Beaver, Berks, Blair, Bradford, Bucks, Cambria, Carbon, Chester, Clearfield, Columbia, Crawford, Cumberland, Dauphin, Erie, Fayette, Franklin, Lancaster, Lawrence, Lebanon, Lehigh, Luzerne, Mifflin, Monroe, Montgomery, Northumberland, Schuylkill, Somerset, Susquehanna, Snyder, Tioga, Venango, Warren, Westmoreland, and York counties.
State pension aid for police, firefighters and non-uniformed municipal employee pensions is provided from a two-percent tax on out-of-state casualty insurance premiums, a portion of the out-of-state fire insurance tax designated for paid firefighters, and any investment income earned on the collection of these taxes.The objectives of pension plan audits are to determine, for the selected audit period, if the municipality complied with any prior audit recommendations and if the municipal pension plan is in compliance with applicable state laws, regulations, contracts, administrative procedures, and local ordinances and policies.
Specifically, department auditors review issues including whether:
·        state aid was properly determined and deposited according to the requirements of the Municipal Pension Plan Funding Standard and Recover Act;
·        employer contributions were determined and deposited in compliance with the plan’s governing document and applicable state laws and regulations;
·        employee contributions are required, and if so, whether they were properly determined and deposited into the pension plan;
·        benefit payments were properly made only to those entitled to receive them;  
·        obligations for plan benefits were accurately determined under plan provisions and based upon complete and accurate participant data; and
·        actuarial valuation reports were sent to the Public Employee Retirement Commission in accordance with state law and selected information provided on these reports is accurate, complete and in accordance with plan provisions to ensure compliance for participation in the state aid program.

The complete list of audit reports is available online at

Here are the audits for SEPA counties:

New Britain Township Nonuniformed Pension Plan
New Britain Township Police Pension Plan
Warwick Township Nonuniformed Pension Plan
Warwick Township Police Pension Plan

East Vincent Township Nonuniformed Pension Plan
East Vincent Township Police Pension Plan
Kennett Square Borough Nonuniformed Pension Plan
Kennett Square Borough Police Pension Plan
West Chester Borough Nonuniformed Pension Plan
West Chester Borough Police Pension Plan

North Wales Borough Nonuniformed Pension Plan
North Wales Borough Police Pension Plan 

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