Ambridge Borough Firemen’s Pension Plan – Beaver County – Audit Period Ended December 31, 2023

The Ambridge Borough Firemen’s Pension Plan underwent a compliance audit for the years 2019 to 2023 as required by the Municipal Pension Plan Funding Standard and Recovery Act. The objective was to ensure adherence to all applicable laws, regulations, and policies. Despite timely state aid allocations for 2020 through 2023, funds were not deposited into the pension plan within the required 30-day period. This resulted in lost interest earnings that were not deposited into the plans. The municipality acknowledged this oversight, attributed to inadequate internal controls, and agreed to calculate and deposit the interest accrued beyond the grace period. Recommendations included enhancing internal controls to ensure timely future deposits in alignment with Act 205. Aside from this finding, the plan was generally in compliance with applicable laws and policies. Compliance will be monitored in the plan’s next audit.