Carroll Valley Borough Police Pension Plan – Adams County – Reduced Period Engagement – Period Ended December 31, 2024

A compliance audit was conducted for Carroll Valley Borough’s Police Pension Plan under Act 205’s authority, examining whether corrective actions were taken on prior findings and confirming compliance with relevant laws and regulations. The audit covered the period from January 2023 to December 2024. It assessed the accuracy and timeliness of state aid deposits, employer and employee contributions, and checked adherence to actuarial report submission deadlines. The audit determined that all significant aspects of the pension plan complied with applicable laws and policies. The plan, part of the Pennsylvania Municipal Retirement System, was found to maintain effective controls, and officials successfully addressed prior recommendations. Historical funding progress indicates fluctuating funded ratios, from 95.8% in 2019 to 72.4% in 2023, influenced by changes in actuarial assumptions and other factors. This is an automated summary. Please rely on the contents included in the released audit report.