Warrant Article Title:
APPROPRIATION/OTHER POST EMPLOYMENT BENEFITS (OPEB) TRUST FUND

Warrant Article Text:
To see if the Town will vote to accept into the Other Post Employment Benefits (OPEB) Trust Fund, established by Chapter 161 of the Acts of 2005, an appropriation of funds and/or the transfer of additional monies that the Town may deem advisable from other sources, including any monies previously deposited into any of the Town’s stabilization funds for this purpose, in order to administer and fund its OPEB obligation as described in the said Chapter 161 of the Acts of 2005; determine how the monies shall be raised and expended; or take any action related thereto.

Requested by:
 (Inserted at the request of the Contributory Retirement Board) 

Report Excerpt:
These recommendations continue the program to fund the unfunded liability for retiree health insurance.  

Vote Language:

That the Town takes the following actions:

 

a. appropriates into said Other Post-Employment Benefits Fund (OPEB), authorized by Chapter 161 of the Acts of 2005, the sum of $480,633 representing that amount of money that is the difference between the previously established base amount of $500,000 and the fiscal 2022 appropriation for the non-contributory pension obligation; said sum to be raised by the general tax.

 

b. appropriates into said fund the sum of $155,000 representing the increased share of retiree HMO contributions as voted by the Board of Selectmen on November 6, 2006; said sum to be raised by the general tax.

 

c. appropriates into said fund the sum of $300,000 to be transferred from the remaining balance in the health benefit trust fund.

 

(14-0-1)