Township staff present 2024 pension contribution estimates; police plan rises most
September 19, 2023 | Middletown, Bucks County, Pennsylvania
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Township staff presented the 2024 Minimum Municipal Obligation (MMO) estimates for Middletown’s pension plans, noting the figures must be certified under state law (Act 205) by Sept. 30.
Ms. Mindari, presenting the estimates prepared from the January 1, 2021 actuarial valuation and noting an updated valuation is in progress, said the estimated minimum contribution for the nonuniform pension plan is $485,998, an increase of $22,081 from 2023. For the police plan she reported an estimated contribution of about $3.0 million; the transcript contains a garbled numeric rendering for the police figure but the presenter characterized it as a substantial increase from 2023.
Ms. Mindari said the numbers are informational at this meeting and that township staff will require signatures to adopt the MMO before the Sept. 30 certification deadline. Board members asked whether the increases are consistent with prior years and whether they are incorporated into budgeting forecasts; Ms. Mindari replied that increases have been typical and that these numbers are used in next year’s budget planning.
No formal vote was required on the MMO during the meeting; staff indicated the approved certification requires signatures prior to the statutory deadline.
Ms. Mindari, presenting the estimates prepared from the January 1, 2021 actuarial valuation and noting an updated valuation is in progress, said the estimated minimum contribution for the nonuniform pension plan is $485,998, an increase of $22,081 from 2023. For the police plan she reported an estimated contribution of about $3.0 million; the transcript contains a garbled numeric rendering for the police figure but the presenter characterized it as a substantial increase from 2023.
Ms. Mindari said the numbers are informational at this meeting and that township staff will require signatures to adopt the MMO before the Sept. 30 certification deadline. Board members asked whether the increases are consistent with prior years and whether they are incorporated into budgeting forecasts; Ms. Mindari replied that increases have been typical and that these numbers are used in next year’s budget planning.
No formal vote was required on the MMO during the meeting; staff indicated the approved certification requires signatures prior to the statutory deadline.
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