New Eagle Borough Non-Uniformed Pension Plan – Washington County – Period Ended December 31, 2022

The compliance audit of the New Eagle Borough Non-Uniformed Pension Plan was conducted under the Municipal Pension Plan Funding Standard and Recovery Act. It aimed to ensure the pension plan adhered to relevant laws, regulations, and administrative policies. The audit covered areas such as state aid deposits, employer contributions, employee contributions, and actuarial reporting for a period ending December 31, 2022. Findings revealed that the borough failed to properly determine and fully pay the Minimum Municipal Obligations (MMOs) for 2021 and 2022. Errors in payroll estimation led to underpayment, requiring the borough to adjust the current year’s MMO to include past unpaid balances with interest. This oversight could jeopardize the pension plan’s ability to meet future obligations. The report recommends correcting these deficiencies to ensure compliance and financial stability of the pension plan. This is an automated summary. Please rely on the contents included in the released audit report.