Pottstown Borough Non-Uniformed Defined Contribution Pension Plan – Montgomery County – Audit Period January 1, 2020 to December 31, 2023

A compliance audit was conducted for the Pottstown Borough Non-Uniformed Defined Contribution Pension Plan covering January 1, 2020, to December 31, 2023. This audit aimed to assess the administration’s compliance with relevant laws and regulations per Municipal Pension Plan Funding Standard and Recovery Act requirements. The evaluation included verifying proper determination and deposit of state aid, calculation and deposit of employer contributions, and ensuring compliance of retirement benefits and actuarial reports. The audit found that, overall, the pension plan was compliant with the applicable laws and policies, but a notable issue was identified related to incorrect data on Certification Form AG 385, resulting in a net underpayment of state aid. Recommendations were made to improve data verification practices, and the borough agreed with the findings. This audit demonstrates the importance of accurate data management for compliance in municipal pension plans.