Old Lycoming Township Non-Uniformed Pension Plan – Lycoming County – Audit Period January 1, 2022 to December 31, 2024

conducted a compliance audit of the Old Lycoming Township Non-Uniformed Pension Plan for the period from January 1, 2022 to December 31, 2024. This audit, mandated by the Municipal Pension Plan Funding Standard and Recovery Act, aimed to verify corrective actions from past reports and ensure compliance with state laws and policies. We examined the timeliness and accuracy of state aid deposits, annual contributions, retirement benefits, and actuarial report submissions. The audit revealed that the pension plan generally complied with regulations, except for two issues: untimely state aid deposits and incorrect pension benefit calculations. It is recommended that the township compensate the pension plan for lost interest from late deposits and review benefit calculations to prevent future errors. This is an automated summary. Please rely on the contents included in the released audit report.