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Union City receives $48,955.80 pension state aid; PSAB to review borough pensions
Summary
Manager Cindy Wells said the borough received $48,955.80 in Municipal Pension State Aid, which will be paid to the Non-Uniformed Pension Plan and covers the required MMO; PSAB’s Joe Scott offered to review pension plans and suggested the borough may have missed roughly $9,000 per year previously.
Borough Manager Cindy Wells reported the borough received Municipal Pension State Aid of $48,955.80; the full amount will be paid to the Non-Uniformed Pension Plan and will cover the borough’s required Minimum Municipal Obligation (MMO). Wells said borough pensions are managed by Definiti and Northwest Bank and that the pension committee agreed to meet for an annual review.
Wells also reported that Joe Scott of PSAB Pension offered to review both pensions and estimated that the borough might have been eligible for approximately $9,000 more per year over the last four years. Council agreed to meet with Scott to review pension administration and potential missed funding.
