City of Lancaster Police Pension Plan – Lancaster County – Audit Period January 1, 2022 to December 31, 2023

An audit of the City of Lancaster Police Pension Plan for the period January 1, 2022, to December 31, 2023, was conducted under the authority of the Municipal Pension Plan Funding Standard and Recovery Act. The audit aimed to assess whether previous findings had been addressed and ensure compliance with state laws, regulations, and local ordinances. The audit confirmed compliance in key areas but identified one issue: an inadvertent pension benefit overpayment totaling $114,934 due to calculation errors from November 2022 to January 2025. As a result, investment income was lost, and the pension plan was underfunded. The Audit Report recommends correcting the monthly payments and recovering the overpayments. The City of Lancaster has agreed to adjust the payments and consult IRS guidelines on handling overpayments. Overall, apart from the noted issue, the pension plan was administered in accordance with applicable requirements.