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Borough receives $48,955.80 in pension state aid; committee to review pension plans
Summary
Union City 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 with PSAB Pension to review plans and past eligibility estimates.
Manager Cindy Wells reported the Borough received Municipal Pension State Aid in the amount of $48,955.80; the full amount will be paid to the Non-Uniformed Pension Plan and covers the required Minimum Municipal Obligation (MMO).
Wells said the borough’s pensions are with Definiti and Northwest Bank and that PSAB Pension representative Joe Scott offered to review both plans; Scott indicated the borough might have been eligible for roughly an additional $9,000 per year over the last four years under a different review, and the pension committee agreed to meet with him for an annual review.
