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Township presents 2026 minimum municipal obligation for pensions; combined MMO $3.7 million
Summary
Finance staff presented the township's 2026 Minimum Municipal Obligation (MMO) for pension plans: a combined MMO of $3.7 million (nonuniform $397,000; police $3.3 million) and funding ratios reported for 2024.
Middletown Township’s Director of Finance presented the 2026 Minimum Municipal Obligation (MMO) for the township’s pension plans and reviewed funding status through 2024.
Director of Finance Hucklebridge said the combined MMO for 2026 is $3.7 million, with a non‑uniform (general employees) MMO of $397,000 and a police pension MMO of $3.3 million. She reviewed audited‑report funding percentages for 2024: the non‑uniform plan was funded at 92.9% and the police plan at 88.4%.
Hucklebridge explained that MMO calculations are based on projected payroll and actuarial factors; she said the township receives state aid that offsets roughly 23% of the combined MMO historically and that the net township obligation after projected state aid is about $2.8 million for 2026. She also noted that actuarial valuation rates will be updated on Jan. 1, 2025, and that the presented rates match those used in the most recent calculation.
Ending: Staff said the board’s approval is needed to submit the MMO to actuaries; the transcript does not record a subsequent motion or vote on submission during the meeting.
