Sharpsville Borough Police Pension Plan – Mercer County – Reduced Period Engagement – Period Ended December 31, 2024

The compliance audit for the Sharpsville Borough Police Pension Plan was conducted under the Municipal Pension Plan Funding Standard and Recovery Act, focusing on two main objectives: verifying whether corrective actions from prior findings were implemented and assessing compliance with state laws, regulations, and local policies. The audit evaluated the proper determination and deposit of state aid, the calculation and deposit of employer contributions, and confirmed no employee contributions were required nor benefit calculations made during the audit period. Actuarial valuation reports for 2021 and 2023 were timely submitted, aligning with Act 205 requirements. The results showed compliance with pertinent laws and regulations. Previous issues with the survivor pension benefit were resolved, and municipal officials’ cooperation was acknowledged. The audit concluded that the pension plan was managed appropriately over the specified periods. This is an automated summary. Please rely on the contents included in the released audit report.