Lower Providence Township Money Purchase Pension Plan – Montgomery County – Reduced Period Engagement – Period Ended December 31, 2024

A compliance audit was conducted on the Lower Providence Township Money Purchase Pension Plan to assess its administration in accordance with state laws, regulations, contracts, and policies. The audit, performed under the authority of Act 205, covered the period from January 1, 2024, to December 31, 2024. It examined whether state aid was properly deposited, employer contributions were accurately calculated and deposited, employee contributions and benefit calculations were necessary or completed, and the actuarial valuation report was submitted timely. The audit concluded that the pension plan was administered in compliance with applicable requirements. Township officials were cooperative throughout the audit process. The plan, covering non-uniformed employees hired post-2002, had 28 active and 7 vested terminated members by the end of 2024. The township met funding requirements through employer contributions and use of terminated employee forfeitures, with no state aid received from 2019 to 2024. This is an automated summary. Please rely on the contents included in the released audit report.