To see if the Town will vote accept G.L. c. 32B sec. 20 as amended by Chapter 218, Section 15 of the Acts of 2016, and further establish or amend its Other Post-Employment Benefits Liability Trust Fund and affirm the custodian and trustees of such funds; or take any action related thereto.

 (Inserted by at the Request of the Arlington Contributory Retirement Board)

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This article, submitted at the request of the Arlington Contributory Retirement Board (“Retirement Board”) seeks to accept a local option statute authorizing the establishment of an Arlington Other Post-Employment Benefits Liability Trust Fund (“OPEB”) – an authority Arlington already holds by special legislative means before the local option was revised by the 2016 Municipal Modernization Act.  Unfortunately however, without the administrative step of adopting G.L. c. 32B sec. 20, our OPEB Trustees – the Retirement Board – cannot invest such funds with Pension Reserves Investment Management Board (“PRIM”) through the State Retiree Benefit Trust Fund (“SRBTF”) alongside many other municipalities and state entities. The SRBTF/PRIM holds a number of advantages over other vehicles for investing OPEB funds, including lower fees and enhanced risk mitigation. Hence, while this local option statute is in all other aspects redundant with our prior acquisition of special legislative authority, the Select Board asks Town Meeting honor this request from the Retirement Board, which has long served the Town well as OPEB fund trustees.

That the Town of Arlington hereby accepts General Laws Chapter 32B, Section 20, and establishes an Other Post-Employment Benefits Liability Trust Fund (OPEB Fund), effective July 1, 2023.

Further:

That the Town of Arlington affirms the establishment of an Other Post-Employment Benefits Liability Fund (OPEB Fund) Board of Trustees pursuant to General Laws Chapter 32B, Section 20, with five (5) members consisting of the members of the Arlington Contributory Retirement Board, with each member trustee serving for a term commensurate with the terms as member of such Board.