Pottstown Borough Police Pension Plan – Montgomery County – Audit Period Ended December 31, 2023

A compliance audit of the Pottstown Borough Police Pension Plan was conducted under the authority of Pennsylvania’s Act 205 to ensure compliance with state laws, regulations, and applicable policies. The audit focused on whether state aid, employer and employee contributions, retirement benefits, and compliance with the Deferred Retirement Option Plan were administered according to relevant legislation. The audit, covering January 1, 2023, to December 31, 2023, verified proper deposits, calculations, and reporting. It concluded that the pension plan was generally administered in compliance with applicable laws. The Borough is responsible for maintaining effective internal controls. The audit also provided supplementary, unaudited financial information regarding the plan’s actuarial and funding status. The results suggest the plan is on a solid financial footing, with an actuarial value of assets against accrued liability improving over recent years, as indicated by its funded ratio. The report thanked the borough officials for their cooperation.