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Town Warrant - May 4, 2010

26. Establish a Post-Employment Benefit Trust Fund (Treasurer/Collector)

Thursday, 15 April 2010 21:06

ARTICLE 26. Establish a Post-Employment Benefit Trust Fund (Treasurer/Collector)

To see if the Town will vote to establish an account called “Other Post-Employment Benefits Trust Fund” or “OPEB Trust Fund” as defined in Governmental Accounting Standards Board, Statement 45, “Accounting and Financial Reporting by Employers for Post-Employment Benefits Other than Pensions”, (otherwise known as GASB 45), which shall be under the supervision and management of the Town Manager, with the Town Treasurer as custodian of the Trust. The OPEB Trust Fund shall be credited with all amounts appropriated or otherwise made available by the Town, including any earnings or interest accruing from the investment of these funds, to offset the anticipated cost of health and life insurance contributions or other benefits for retired employees, their spouses and eligible dependents, and the surviving spouses and eligible dependents of deceased employees. Amounts in the OPEB Trust Fund shall be expended in accordance with Massachusetts General Laws, Chapter 203C, sections 1-11, and only for the payment of costs payable by the Town for OPEB. The Town Treasurer shall invest and reinvest the funds prudently and follow the guidelines of the Town of Westborough’s Investment Policy, as adopted July 1, 2008 and amended from time to time.

or to take any other action thereon.