New Sewickley Township Police Pension Plan – Beaver County – Audit Period Ended December 31, 2023

A compliance audit was conducted on the New Sewickley Township Police Pension Plan to assess adherence to state laws, regulations, contracts, administrative procedures, and local policies. The audit, authorized under Act 205, reviewed state aid determination, employer and employee contributions, retirement benefits, and the actuarial valuation report for accuracy and compliance during 2023. The audit found that the pension plan was administered in compliance with all applicable regulations and standards. The supplementary information included in the report was not audited, and no assurance is provided on it. Township officials were cooperative during the audit process. The plan is controlled by Ordinance No. 180 and collective bargaining agreements, with active members contributing 5% of their compensation. As of the valuation on January 1, 2023, the plan had a funded ratio of 93.8%. These findings indicate the pension plan is financially stable and well-managed.