Oil Creek Township Non-Uniformed Pension Plan – Venango County – Reduced Period Engagement – Period Ended December 31, 2024

The compliance audit of Oil Creek Township Non-Uniformed Pension Plan was conducted under the Municipal Pension Plan Funding Standard and Recovery Act (Act 205 of 1984). The audit aimed to assess whether prior corrective actions were taken and ensure compliance with state laws and procedures. The audit revealed that from January 1, 2023, to December 31, 2024, state aid and contributions were deposited correctly and retirement benefits were administered properly. Oil Creek Township showed compliance with state laws, having reimbursed an overpayment of state aid and rectified record-keeping issues. The pension plan participates in the Pennsylvania Municipal Retirement System, with its financial status classified strong, showing a funded ratio over 100% as of the latest actuarial valuation. Township officials’ cooperation was acknowledged in the audit report. This is an automated summary. Please rely on the contents included in the released audit report.