Prospect Borough Non-Uniformed Pension Plan – Butler County – Reduced Period Engagement – Period Ended December 31, 2024

A compliance audit was conducted for the Prospect Borough Non-Uniformed Pension Plan under the Pennsylvania Municipal Pension Plan Funding Standard and Recovery Act. The audit aimed to verify if previous corrective actions were implemented and ensure the pension plan’s administration adhered to state laws and regulations. It was discovered that the pension plan generally complied with these requirements, except for three significant findings: failure to adopt mandatory professional services contract provisions under Act 205, failure to appoint a chief administrative officer, and failure to formally adopt the restated plan document by ordinance. Prospect Borough officials have been cooperative, and recommendations to address these issues are provided in the report. Additionally, prospects for compliance with prior recommendations, such as reimbursing excess state aid and maintaining better financial records, were also evaluated and deemed satisfactory. This is an automated summary. Please rely on the contents included in the released audit report.