Patterson Township Police Pension Plan – Beaver County – Reduced Period Engagement – Period Ended December 31, 2024

The compliance audit of the Patterson Township Police Pension Plan, conducted under the authority of the Municipal Pension Plan Funding Standard and Recovery Act, aimed to ascertain if previous recommendations were implemented and to ensure compliance with applicable regulations. The audit, covering January 1, 2023, to December 31, 2024, revealed no significant issues, indicating compliance with state laws, regulations, and local policies. Key areas examined included the proper deposit of state aid, calculation and deposit of employer contributions, waiver of employee contributions, accuracy of retirement benefits disbursement, and compliance of unallocated insurance contracts with provisions. The township’s police pension plan demonstrates financial prudence with an improving funded ratio, rising from 96.9% in 2019 to 105% in 2023. However, supplementary historical financial data provided were unaudited, so no assurance was given on their reliability. Overall, the audit confirmed that the pension plan was managed well, meeting its financial and regulatory obligations. This is an automated summary. Please rely on the contents included in the released audit report.