MABS, borough pension funding approved; dissolution could happen as soon as next month
KAYLEE LINDENMUTH / SHENANDOAH SENTINEL - The Municipal Authority of the Borough of Shenandoah Offices.
SHENANDOAH – The Municipal Authority of the Borough of Shenandoah (MABS) pension plan is now fully funded, and the entity could be dissolved as soon as next month, according to an update at Monday’s borough council meeting.
Solicitor Shane Hobbs said he is drafting a dissolution resolution that would begin the process of formally dissolving MABS.
He said the resolution could be ready for adoption as soon as next month.
Later in the meeting, borough council voted to approve a plan to fund the MABS pensions via a one-time payment of $439,453.
The plan was approved by the authority at a meeting last Monday.
MABS’ pensions were revealed to be underfunded at a meeting last August, and Hobbs said last month that it was one of a few remaining roadblocks keeping MABS in existence.
Councilman Joe Gawrylik asked Hobbs if a forensic audit would be possible following the dissolution. Hobbs said audits are typically part of the dissolution process anyways.
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