Pension board approves 2025 fiscal-year audit engagement with Malden and Jenkins

The General Employees Pension Plan Board of Trustees on Sept. 25 unanimously approved an engagement letter to retain Malden and Jenkins to perform the plan's fiscal year 2025 audit.

Daniel Anderson, audit partner with Malden and Jenkins, told trustees the firm will perform two complementary components: a financial audit focused on the plan's investment valuations and a compliance audit that samples benefit payments and contributions. Anderson said the firm will perform most testing in December so actuaries can complete final reports and said the auditor expects to issue the report in January or early February so the city can incorporate the plan results into its financial statements.

“Really just a couple of comments in regards to the engagement letter. No significant accounting or auditing standards are being implemented in the current year,” Anderson said. He added, “If you have any questions about the engagement letter or the audit process, I’m happy to answer those at this time.”

Treasurer Strickland moved to approve the engagement; Trustee Keeler seconded. The chair called for the vote and the motion passed unanimously.

The engagement letter in the packet includes the firm's timeline and testing approach; no substantive changes to accounting standards affecting the plan were reported at the meeting.

Trustees did not request any substantive revisions to the engagement letter during the public meeting. The board will receive the auditor’s report after Malden and Jenkins completes its testing in December and issues the final audit in January or February.