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

A compliance audit of the Quakertown Borough Non-Uniformed Pension Plan assessed compliance with state laws and regulations for the period January 1, 2024, to December 31, 2024. The audit ensured state aid was correctly deposited, employer contributions were accurately calculated, and retirement benefits were correctly disbursed. The audit also verified that the 2023 actuarial valuation report was properly prepared. The audit found that the pension plan was administered in accordance with applicable laws and policies. However, a prior issue concerning unauthorized pension benefits due to non-compliance with governing documents persisted. Specifically, a retiree received excess benefits totaling $877 monthly, which from retirement amounted to roughly $127,165. The excess benefits are not eligible for state funding, and the Department plans to monitor this issue in future audits. The audit confirms overall compliance but highlights the need for ongoing scrutiny of excess benefit provisions. This is an automated summary. Please rely on the contents included in the released audit report.