City of Franklin Firemen’s Pension Plan – Venango County – Audit Period January 1, 2024 to December 31, 2025

The compliance audit of the City of Franklin Firemen’s Pension Plan was conducted for January 1, 2024, through December 31, 2025, assessing administration compliance with relevant state laws, regulations, and local policies. Under Act 205, audits ensure proper handling of municipal pension system state aid. The audit confirmed state aid, and annual employer and employee contributions were handled correctly, in accordance with necessary legal frameworks and requirements. Retirement benefits for recent retirees were verified as accurately calculated and disbursed, aligning with pension plan rules. Additionally, the audit confirmed that actuarial valuation reports for the plan were timely and compliant with Act 205. The overall results showed the pension plan was administered compliantly with significant legal and regulatory commitments. Despite not adhering to Government Auditing Standards, sufficient evidence confirmed compliance, and the findings were discussed with city officials. Supporting financial statements audited by an independent firm were not reviewed in this audit. This is an automated summary. Please rely on the contents included in the released audit report.