Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions topic
No spam. Unsubscribe anytime.
Borough reports $48,955.80 pension state aid; pension committee to review funds with PSAB
Summary
Union City received $48,955.80 in Municipal Pension State Aid to be applied to the Non-Uniformed Pension Plan and covering the MMO; the borough will convene its pension committee and consult Joe Scott of PSAB Pension for a review.
Borough Manager Cindy Wells reported the borough received Municipal Pension State Aid in the amount of $48,955.80. Wells said the full amount will be paid to the Non-Uniformed Pension Plan and will cover the required Minimum Municipal Obligation (MMO).
Wells recommended the pension committee meet for an annual review and noted Joe Scott with PSAB Pension expressed willingness to review both borough pensions; the minutes record Scott as saying he believes the borough could have received more than $9,000 per year over the last four years. Council agreed to meet with him to review the pensions.
