Albion Borough Non-Uniformed Pension Plan – Erie County – Reduced Period Engagement – Period Ended December 31, 2024

The audit of the Albion Borough Non-Uniformed Pension Plan, conducted under the authority of the Municipal Pension Plan Funding Standard and Recovery Act, aimed to verify if previous corrective measures were implemented and if the pension plan was managed in accordance with state laws and ordinances. The audit, covering January 1, 2023, to December 31, 2024, verified compliance regarding the receipt and use of state aid, employer contributions, and actuarial reporting. Albion Borough effectively addressed a prior finding concerning incorrect data on a certification form. As of December 31, 2024, the pension plan serviced nine active members and eight retirees, with a funded ratio of 95% as of the last actuarial assessment on January 1, 2023. The audit concluded that the Albion Borough Non-Uniformed Pension Plan complied with the relevant state and local regulations for the audit period, with no significant issues of noncompliance detected. This is an automated summary. Please rely on the contents included in the released audit report.