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Union City to review borough pensions after manager flags missed state aid opportunities
Summary
Manager Cindy Wells said the borough received $48,955.80 in Municipal Pension State Aid and that PSAB Pension consultant Joe Scott believes the borough may have missed over $9,000 per year over the last four years; the pension committee agreed to meet and consider an annual review.
Borough Manager Cindy Wells reported that 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 minimum municipal obligation (MMO). Wells said the borough's pension accounts are with Definiti and Northwest Bank and recommended an annual review by the pension committee.
Wells said Joe Scott with PSAB Pension is willing to review both pension plans and suggested the borough may have lost out on more than $9,000 each year for the past four years. The pension committee agreed to meet with Scott to review the plans.
