Factoryville Borough Non-Uniformed Pension Plan – Wyoming County – Audit Period January 1, 2021 to December 31, 2024

The compliance audit of Factoryville Borough’s Non-Uniformed Pension Plan for the period from January 1, 2021, to December 31, 2024, evaluated the administration of the plan under applicable state laws and guidelines. Conducted under the Municipal Pension Plan Funding Standard and Recovery Act, the audit checked whether corrective actions had been taken concerning previous findings and whether the plan complied with financial requirements and processes mandated by law. The audit identified an issue where a plan governing document amendment was improperly executed by resolution instead of by ordinance, potentially affecting benefit calculations. Municipal officials have acknowledged this finding and plan to rectify it in the next council meeting. Overall, except for the noted issue, the pension plan was administered in compliance with applicable laws and regulations. Borough officials have shown cooperation, and compliance with the resolution issue will be reviewed in the upcoming audit. This is an automated summary. Please rely on the contents included in the released audit report.