Bill > H3907

This bill aims to modernize municipal finance and government by introducing new provisions for managing "Other Post-Employment Benefits Liability Trust Funds" (OPEB Funds), which are trust funds established by governmental units to cover liabilities for retiree health insurance benefits. The bill outlines how these funds should be established, managed by a board of trustees, and invested, with a focus on fiduciary responsibility and prudent investment practices. It also requires governmental units to submit actuarial valuation reports on these liabilities to the Public Employee Retirement Administration Commission (PERAC) and mandates that certain pension or retirement payments received by individuals will reduce unemployment benefits, with specific exceptions for Social Security payments and when the employer provided the majority of the individual's service. Finally, the bill allows cities and towns to revoke the application of Chapter 31 of the General Laws, which governs civil service positions, for certain roles filled after the revocation date.