City of Beaver Falls Firemen’s Pension Plan – Beaver County – Audit Period January 1, 2023 to December 31, 2024

A compliance audit of the City of Beaver Falls Firemen’s Pension Plan was conducted for the period January 1, 2023, to December 31, 2024. The audit aimed to determine if prior corrective actions were taken and if the pension plan complied with state laws and regulations. The methodology included verifying state aid deposits, ensuring proper calculation and depositing of employer and employee contributions, and checking the retirement benefit calculations and actuarial valuations. The audit found that the pension plan was not fully compliant due to two significant findings: failure to maintain required documentation for annual pension funding and failure to deposit state aid into an eligible pension plan. These issues may lead to potential withholding of state aid. Officials were urged to implement recommendations promptly to avoid future noncompliance repercussions. The City of Beaver Falls has not yet addressed the prior recommendation for maintaining appropriate pension documentation. This is an automated summary. Please rely on the contents included in the released audit report.