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Union City to review pension plans after receiving $48,955.80 in state aid; PSAB offered additional review
Summary
Manager Wells said the borough received $48,955.80 in Municipal Pension State Aid to cover the required MMO for the non-uniform pension plan; PSAB Pension's Joe Scott offered to review the borough's pension plans and noted the borough may have missed about $9,000 per year over the previous four years.
Borough Manager Cindy Wells reported the borough received Municipal Pension State Aid in the amount of $48,955.80, which will be paid into the non-uniform pension plan and will cover the required Minimum Municipal Obligation (MMO). Manager Wells said the borough's pension plans are with Definiti and Northwest Bank and that the pension committee agreed to meet to review the plans.
Manager Wells said Joe Scott with PSAB Pension offered to review both pension plans and indicated the borough might have missed roughly $9,000 per year over the last four years. Council agreed to meet with PSAB Pension to consider his review and recommendations.
