City of Hazleton Aggregate Pension Fund – Luzerne County – Audit Period January 1, 2023 to December 31, 2024

The compliance audit of the City of Hazleton Aggregate Pension Fund, covering January 1, 2023, to December 31, 2024, evaluated adherence to state laws and regulations under the Municipal Pension Plan Funding Standard and Recovery Act (Act 205). The audit aimed to check corrective actions taken on prior findings and ensure compliance with legal and policy requirements related to pension fund administration. It highlighted issues, specifically the failure to adopt the Deferred Retirement Option Program (DROP) by ordinance as previously recommended. The audit found most aspects of fund administration compliant but raised concerns about the funded status of the firemen’s pension plan, with a 65.6% funded ratio noted. Despite these issues, officials have implemented some prior recommendations to ensure proper pension funding. The audit encourages diligent monitoring to secure the fund’s financial stability over the long term. This is an automated summary. Please rely on the contents included in the released audit report.