City of Reading Firemen’s Pension Plan – Berks County – Audit Period January 1, 2022 to December 31, 2023

The compliance audit of the City of Reading Firemen’s Pension Plan covering January 1, 2022, to December 31, 2023, examined whether municipal officials effectively addressed prior findings and adhered to state laws, regulations, and local policies. Conducted under the Municipal Pension Plan Funding Standard and Recovery Act, the audit found the plan compliant in all significant respects. Key audit procedures included verification of state aid deposits, employer and employee contributions, retirement benefits calculations, and the 2023 actuarial report. Improvements since the prior audit included correcting overpayments from incorrect certification data and adhering to Act 205 provisions. The plan’s funding progress showed improvements, with a funded ratio increasing from 82.8% in 2019 to 87.8% in 2023. The cooperating city’s internal controls effectively ensured pension plan compliance with legal requirements.