Franklin Township Non-Uniformed Pension Plan – Fayette County – Audit Period Ended December 31, 2024

The compliance audit of Franklin Township’s Non-Uniformed Pension Plan was conducted under the authority of the Municipal Pension Plan Funding Standard and Recovery Act. The audit aimed to verify the plan’s adherence to state laws, regulations, and local ordinances. It covered the period from January 1 to December 31, 2024, focusing on state aid and employer contributions, which were found compliant with Act 205 requirements. No employee contributions were mandatory, and no benefit calculations were prepared. The actuarial valuation report was timely submitted per regulations. The township opted for allocated insurance contracts to fund pension benefits, but these are not included in official pension plan assets. Overall, the pension plan was compliant with regulatory requirements during the audited period. Franklin Township officials were cooperative throughout the process, contributing to the successful completion of the audit.