City of Sharon Municipal Employees’ Pension Plan – Mercer County – Audit Period January 1, 2021 to December 31, 2023

A compliance audit for the City of Sharon Municipal Employees’ Pension Plan was conducted for January 1, 2021, to December 31, 2023, under the Municipal Pension Plan Funding Standard and Recovery Act. Key objectives included verifying corrective actions on prior findings and ensuring the plan’s administration adhered to state laws, regulations, and local policies. The audit assessed whether state and employer contributions were accurately calculated and deposited, confirmed correct retirement benefit disbursements, and ensured the timeliness of actuarial valuation reports. The audit concluded that the pension plan complied with applicable requirements. Despite not following Government Auditing Standards, sufficient evidence supported the audit objectives. Additionally, the audit found that city officials improved record-keeping to monitor pension activity effectively. The plan’s funding status was strong, with consistent assets exceeding liabilities over the audit period. Reports were discussed with city officials, acknowledging their cooperation in the audit process. The pension plan remains financially robust.