Solicitor talks next steps for MABS pension plan, dissolution
KAYLEE LINDENMUTH / SHENANDOAH SENTINEL - The Municipal Authority of the Borough of Shenandoah Offices.
SHENANDOAH – Shenandoah Solicitor Shane Hobbs discussed some of the next steps for the Municipal Authority of the Borough of Shenandoah at Monday night’s meeting.
He said that one of the items remaining in the way of dissolving the board is an underfunded pension plan, which the borough became aware of after the sale.
At a previous meeting, James Amato, the borough’s former solicitor, said there were two options — fund the plan outright and meet a minimum obligation in perpetuity, or seek an annuity.
Hobbs recommended that council make a decision on the matter at Monday’s meeting.
“It’s a major component of this acquisition with Aqua that we can take care of, because there are some other remaining issues before MABS can be formally dissolved,” Hobbs said. Those other issues include an audit for 2023, among other items.
He said the borough and the MABS board are generally on the same page at this point.
No action was taken on the matter at Monday night’s meeting.
About Author
