Price Township Non-Uniformed Pension Plan – Monroe County – Reduced Period Engagement – Period Ended December 31, 2024

The compliance audit of the Price Township Non-Uniformed Pension Plan was conducted under the authority of the Municipal Pension Plan Funding Standard and Recovery Act, focusing on whether the plan adhered to state laws and regulations. The audit aimed to verify corrective actions from a prior report and evaluate compliance with state requirements for pension administration from January 1, 2023, to December 31, 2024. The findings highlighted that Price Township did not file required actuarial valuation reports by the deadlines, affecting state aid eligibility, and failed to adopt a restated plan document by ordinance. Despite these issues, the township complied with prior recommendations regarding record-keeping systems, and no other significant non-compliance was found. Township officials were cooperative, and findings were discussed with them, integrating their responses into the report. In conclusion, while the plan largely complied with applicable laws, improvements are needed concerning timely filing of reports and adopting plan changes by ordinance. This is an automated summary. Please rely on the contents included in the released audit report.