City of Philadelphia Municipal Pension Fund – Philadelphia County – Audit Period July 1, 2022 to June 30, 2024

The compliance audit of the City of Philadelphia Municipal Pension Fund, covering July 1, 2022, to June 30, 2024, assessed compliance with applicable state laws, regulations, and policies. Conducted under the authority of the Municipal Pension Plan Funding Standard and Recovery Act (Act 205 of 1984), the audit found that the pension fund was generally administered in compliance, except for a finding concerning incorrect data on Certification Form AG 490, leading to excess reimbursements. The audit noted improvements, as the fund’s ratio increased from 44.8% in 2016 to 65.4% in 2024, indicating ongoing efforts to address funding shortfalls. The City of Philadelphia is recognized for its fiscal decisions and reforms, which are expected to achieve an 80% funding ratio by 2028 and full funding by 2033, ensuring long-term pension stability. The audit emphasized continued responsible management to meet future obligations. This is an automated summary. Please rely on the contents included in the released audit report.