Published October 7, 2026
About This Audit
A compliance audit was conducted on the City of Franklin Non-Uniformed Pension Plan for the period between January 1, 2024, and December 31, 2025. The audit aimed to determine whether the pension plan was administered in compliance with applicable state laws, regulations, contracts, administrative procedures, and local ordinances and policies. Key audit areas included verifying proper state aid deposits, annual employer and employee contributions, retirement benefits disbursement, and preparation of actuarial valuation reports. Conducted under the Municipal Pension Plan Funding Standard and Recovery Act, the audit concluded that the pension plan was administered in compliance with the relevant requirements. Additionally, actuarial evaluations showed the pension plan’s funded ratios were 102.7%, 95.7%, and 108.0% from 2021 to 2025, indicating varying funding statuses. The City officials were cooperative throughout the process, ensuring an effective evaluation. This is an automated summary. Please rely on the contents included in the released audit report.