City of Scranton Aggregate Pension Fund – Lackawanna County – Audit Period January 1, 2022 to December 31, 2023

A compliance audit of the City of Scranton Aggregate Pension Fund was conducted for the period January 1, 2022, to December 31, 2023, to ensure compliance with state laws, regulations, contracts, and local policies as required by Act 205. Key audit steps included verifying if state aid and contributions were correctly determined, calculated, and deposited, along with the evaluation of retirement benefits and submission of actuarial reports. The audit confirmed that the pension fund complies with applicable regulations. However, the city’s pension plans remain in Level II moderate distress with funding ratios of 69.0%, 54.9%, and 66.5% for police, fire, and non-uniformed plans respectively. Concerns remain regarding long-term financial stability, although the city is encouraged to continue strategic planning efforts. The audit report was discussed with city officials, who were cooperative throughout the process.