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The original item was published from 9/24/2020 12:38:10 PM to 10/30/2020 12:00:07 AM.

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Cranberry Announcements

Posted on: September 24, 2020

[ARCHIVED] Pension Plan Contributions Approved

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The Board of Supervisors voted September 24 to establish the Township’s Minimum Municipal Obligation for Uniformed and Non-Uniformed Pension Plans for 2021.

The state-required Minimum Municipal Obligation outlines what the Township must contribute to the pension plan for the upcoming budget cycle.

Cranberry’s Uniformed Pension Plan has received the highest rating possible, meaning the Plan is in excess of 90 percent of being fully funded. Those employees, including police, receive 50 percent of their final three-year average wage through the program.

Meanwhile, the Township contributes 5 percent to a non-uniform employee’s pension, which is administered through a defined contribution plan.

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