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Union City receives $48,955.80 in pension state aid; pension committee to meet with PSAB rep
Summary
Manager Cindy Wells reported the borough received $48,955.80 in Municipal Pension State Aid to be paid to the Non-Uniformed Pension Plan; Council agreed to meet with Joe Scott of PSAB Pension to review both borough pension plans after Scott said the borough might have missed about $9,000 per year over the past four years.
Borough Manager Cindy Wells reported the borough received Municipal Pension State Aid in the amount of $48,955.80 and that the full amount will be paid to the Non-Uniformed Pension Plan to cover the MMO. Wells noted the borough’s pension accounts are with Definiti and Northwest Bank and recommended the pension committee conduct an annual review.
Wells said Joe Scott with PSAB Pension offered to review both pension plans and suggested the borough could have received approximately $9,000 more per year over the last four years; Council agreed to meet with him to review the plans.
