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Union City receives $48,955.80 in Municipal Pension State Aid; pension committee to review plans
Summary
Borough Manager reported receipt of $48,955.80 in Municipal Pension State Aid to be paid to the Non-Uniformed Pension Plan; the Pension Committee agreed to meet and consider a review by Joe Scott of PSAB, who suggested the borough may have missed about $9,000/year over the past four years.
Borough Manager Cindy Wells told council members the borough received Municipal Pension State Aid totaling $48,955.80; the full amount will be paid to the Non-Uniformed Pension Plan and it covers the borough’s required MMO. The borough’s pension accounts are with Definiti and Northwest Bank. The Pension Committee agreed to meet and consider an annual review; Joe Scott of PSAB Pension offered to review both plans and commented the borough could have received over $9,000 per year over the last four years, according to the minutes.
Council agreed to meet with PSAB to review pension administration and ensure the borough is claiming available state aid and compliance measures.
