Published August 5, 2025
About This Audit
The compliance audit of the Foster Township Non-Uniformed Pension Plan, performed under the Municipal Pension Plan Funding Standard and Recovery Act, aimed to assess compliance with state laws, regulations, and local policies. The audit examined areas such as state-aid deposit timing, employer contributions, and compliance with actuarial reporting requirements. Throughout 2024, no employee contributions or benefit calculations were needed, and the unallocated insurance contract terms aligned with the plan provisions and state regulations. The Township was found compliant with all relevant laws and requirements, with contributions from employers meeting the 100% funding requirement. Historical trend information shows the pension plan is well-funded, with a funded ratio of 158% as of January 1, 2023. Township officials were cooperative during the audit process. This is an automated summary. Please rely on the contents included in the released audit report.