State audit faults Ingalls for pension fund


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Lapel - The State Board of Accounts has criticized the Town of Ingalls for establishing a retirement fund for town employees in 2003.

In a recent audit, the Board of Accounts said the town did not have the authority to create

that pension fund. The Savings Incentive Match Plan for Employees of Small Employers Individual Retirement Account was established 10 years ago and the plan was for the town to make contributions.

That’s where the problem might lie. The only pension plans available to cities and towns are PERF plans: the Public Employees’ Retirement Fund and similar specialized retirement funds.

 

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