Souderton Borough Police Pension Plan – Montgomery County – Reduced Period Engagement – Period Ended December 31, 2024

The compliance audit of the Souderton Borough Police Pension Plan, conducted under the Municipal Pension Plan Funding Standard and Recovery Act, aimed to verify the plan’s adherence to state laws, regulations, and policies for 2024. The audit confirmed that state aid was accurately determined and deposited, employer contributions complied with legal requirements, and no employee contributions or benefit calculations were necessary. However, it found an issue with Certification Form AG 385, where incorrect data led to overpayments of state aid totaling $26,379 due to overstated payroll and ineligible participants. The recommendation is for the excess amount, plus interest, to be refunded to the Commonwealth. Overall, except for the noted discrepancy, the pension plan complied with the applicable legal and policy standards. This is an automated summary. Please rely on the contents included in the released audit report.