Lower Gwynedd Township Non-Uniformed Money Purchase Pension Plan – Montgomery County – Reduced Period Engagement – Period Ended December 31, 2024

A compliance audit of the Lower Gwynedd Township Non-Uniformed Money Purchase Pension Plan was conducted under the Municipal Pension Plan Funding Standard and Recovery Act. The audit aimed to ensure compliance with state laws, regulations, contracts, and local ordinances and to verify if past corrective actions were implemented. Audit procedures for 2023-2024 confirmed proper state aid deposits and assessed retirement benefit disbursement accuracy, noting noncompliance with funding member accounts. The township failed to properly fund accounts for several members between 2021 and 2024, showing discrepancies in required versus actual contributions. Despite previous improvements in data reporting, this lapse remains significant. Township officials did receive and discuss the audit, acknowledging the importance of maintaining effective internal controls. Overall, while some compliance was achieved, the plan faced issues with funding member accounts, pointing to areas requiring further attention and improvement. This is an automated summary. Please rely on the contents included in the released audit report.