Silver Spring Township Non-Uniformed Employees Pension Plan – Cumberland County – Audit Period Ended December 31, 2023

The compliance audit of the Silver Spring Township Non-Uniformed Employees Pension Plan, conducted under the Municipal Pension Plan Funding Standard and Recovery Act (Act 205), evaluated several aspects of the plan’s administration from January 1, 2023, to December 31, 2023. The audit’s objective was to assess if the pension plan adhered to applicable state laws, regulations, and contractual terms. Although the plan generally complied with these requirements, one significant issue was identified: the plan failed to adopt mandatory professional services contract provisions as required by Act 205. This lapse could potentially lead to reduced transparency in awarding future investment and advisory services contracts. The audit suggests that Silver Spring Township officials should fully understand Act 205 requirements and develop formal procedures to ensure compliance, enhancing overall transparency and accountability in the administration of the pension plan.