Town of Bloomsburg Police Pension Plan – Columbia County – Audit Period January 1, 2020 to December 31, 2023

The compliance audit of the Town of Bloomsburg Police Pension Plan, covering the period from January 1, 2020, to December 31, 2023, was conducted to assess adherence to applicable state laws, regulations, and local policies. The audit scrutinized areas such as state aid deposits, employer and employee contributions, retirement benefits, and actuarial valuations, confirming compliance in significant respects. However, a finding highlighted that the plan failed to properly determine and fully pay the Minimum Municipal Obligation (MMO) for 2024, resulting in an understated payroll and an unpaid balance of $31,278. The audit urged town officials to address this and to monitor the funded status of the plan, which stood at a concerning 68.7% funded ratio as of January 1, 2023, potentially impacting the plan’s long-term financial stability.