City of Wilkes-Barre Aggregated Pension Trust Fund – Luzerne County – Audit Period January 1, 2023 to December 31, 2024

The compliance audit of the City of Wilkes-Barre Aggregated Pension Trust Fund covered the period from January 1, 2023, to December 31, 2024. Conducted under Act 205, the audit’s objectives were to assess the implementation of corrective actions from prior reports and ensure the fund’s administration complied with relevant laws and policies. The audit evaluated state aid deposits, contributions, benefits calculations, and compliance with actuarial valuation deadlines, concluding that overall the fund complied with regulations, except for findings regarding plan provision inconsistencies with the Third Class City Code in its Firemen’s, Policemen’s, and Non-Uniformed Pension Plans. Despite some compliance issues remaining from previous audits, the City of Wilkes-Barre is in Level II moderate distress but has taken actions like securing a $22,365,000 promissory note to address pension challenges. The report encourages further strategic planning for long-term financial stability of the city’s pension system. This is an automated summary. Please rely on the contents included in the released audit report.