Reynoldsville Borough Police Pension Plan – Jefferson County – Reduced Period Engagement – Period Ended December 31, 2024

The compliance audit of the Reynoldsville Borough Police Pension Plan, conducted under Act 205 authority, aimed to determine if the plan was administered in compliance with state laws, regulations, and local policies for 2024. The audit ensured state aid was properly deposited and assessed the accuracy of employer and employee contributions. It verified compliance with the Deferred Retirement Option Plan provisions and checked the timely submission of the actuarial valuation report. The audit concluded that the plan was administered in compliance with all relevant requirements. However, there is significant concern about the plan’s funding status, with a funded ratio of only 50.7% as of January 1, 2023. Borough officials are advised to monitor this closely to ensure financial sustainability. This is an automated summary. Please rely on the contents included in the released audit report.