Rochester Borough Police Pension Plan – Beaver County – Audit Period Ended December 31, 2023

A compliance audit of the Rochester Borough Police Pension Plan was conducted pursuant to Act 205 requirements to assess its administration with respect to state laws, regulations, contracts, administrative procedures, and local ordinances. The period examined was January 1, 2023, to December 31, 2023. The audit verified compliance in calculating and depositing state aid, employer contributions, employee contributions, and retirement benefits, and assessed the actuarial report’s timeliness, the compliance of the Deferred Retirement Option Plan, and the distress status under Act 205. The plan was found compliant; however, with a funded ratio of 61.5%, it is in Level II moderate distress. Borough officials are encouraged to monitor funding for long-term stability. The audit report includes discussions with Rochester Borough officials and appreciates their cooperation.