APPROPRIATION / OTHER POST EMPLOYMENT BENEFITS (OPEB) TRUST FUND

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 in order to administer and fund its OPEB obligations and administrative costs as described in said Chapter 161 of the Acts of 2005; determine how the monies shall be raised and expended; or take any action related thereto.  

Inserted at the request of the Finance Committee

VOTE: 16-0-2

COMMENT: These recommendations continue the program to fund the Town’s unfunded liability for retiree health insurance. It has been a long-standing practice of Town Meeting to appropriate no less than $655,000 to OPEB each year. In connection with the November 2023

That the Town takes the following actions: 

 
a. appropriate into said Other Post-Employment Benefits (OPEB) Trust Fund, authorized by Chapter 161 of the Acts of 2005, for investment and expenses the sum of $500,000 representing that amount of money that was previously appropriated for the Non-Contributory Pension when this funding program started; said sum to be raised by the general tax. 

b. appropriate into said fund the sum of $155,000 representing

the increased share of retiree HMO contributions as voted by the Select Board on November 6, 2006; said sum to be raised by the general tax. 

 
c. appropriate into said fund the sum of $150,000 from monies raised by the November 2023 override vote and thus raised by the general tax.