Beaver Borough Money Purchase Pension Plan – Beaver County – Audit Period Ended December 31, 2023

A compliance audit was conducted for the Beaver Borough Money Purchase Pension Plan for the period of January 1, 2023, to December 31, 2023, as per the Municipal Pension Plan Funding Standard and Recovery Act. The audit aimed to ensure conformity with state laws, regulations, and local policies. The audit reviewed various aspects such as state aid deposits, employer and employee contributions, retirement benefit calculations, and the timely submission of actuarial valuation reports. The findings show that the pension plan was administered in compliance with applicable standards, and all transactions and calculations examined were found to be accurate. The audit appreciated the cooperation of the Borough officials during its conduct. The pension plan, established on January 1, 2011, is a defined contribution plan with mandatory contributions from both employees and the municipality. The audit report is available publicly and was distributed to relevant officials and entities for review.