Published June 16, 2025
About This Audit
A compliance audit of the Highspire Borough Police Pension Plan was conducted as per the Municipal Pension Plan Funding Standard and Recovery Act (Act 205), assessing state aid allocation and compliance with relevant laws and policies between January 1, 2024, and December 31, 2024. The audit verified state aid deposits, employer and employee contribution calculations, retirement benefit determinations, and the preparation of the 2023 actuarial valuation report. Additionally, it reviewed the compliance of unallocated insurance contract terms. The audit confirmed that the pension plan adhered to state laws and local policies. An independent firm handles financial audits, which were not overlapped by this audit. The audit highlighted significant compliance and expressed gratitude to the officials for their cooperation. The Highspire Borough Police Pension Plan remains financially strong, with a funded ratio increasing from 86.3% in 2019 to 98.2% in 2023, indicating solid financial health in the long term.