South Williamsport Borough Non-Uniformed Pension Plan – Lycoming County – Reduced Period Engagement – Period Ended December 31, 2024

The compliance audit of the South Williamsport Borough Non-Uniformed Pension Plan, conducted under the Municipal Pension Plan Funding Standard and Recovery Act (Act 205), aimed to determine compliance with state laws, regulations, contracts, procedures, and local policies. The audit reviewed multiple areas, including the proper determination and deposition of state aid and contributions, retirement benefits calculation, and the accuracy of actuarial valuation reports. The audit found that, for the period of January 1, 2024, to December 31, 2024, and through the completion of fieldwork, the pension plan was administered in significant compliance with all applicable requirements. Borough officials are responsible for internal controls to ensure compliance. The report notes that the actuarial evaluation indicates the plan’s funding status was improving over time, with an 85.6% funded ratio as of January 1, 2023. The audit’s conclusions were shared with borough officials, recognizing their cooperation during the audit. This is an automated summary. Please rely on the contents included in the released audit report.