Norwood Borough Non-Uniformed Pension Plan – Delaware County – Reduced Period Engagement – Period Ended December 31, 2024

We conducted a compliance audit of Norwood Borough’s Non-Uniformed Pension Plan, following the Municipal Pension Plan Funding Standard and Recovery Act (Act 205 of 1984). The audit’s objective was to assess if the pension plan adhered to state laws, regulations, contracts, and policies to December 31, 2024. Our methods included verifying state aid and employer contributions, employee contributions, and the actuarial valuation report’s accuracy and timeliness according to Act 205. The audit found the Norwood Borough plan in compliance with all applicable regulations during the noted period. Norwood Borough officials were noted for their cooperation during the audit process. Supplementary information included funding progress and contributions history, noting fluctuations in actuarial assumptions and funding methods. The audit concluded without expressing assurance on supplementary information. This is an automated summary. Please rely on the contents included in the released audit report.