Bill > H4207

This bill modernizes municipal finance and government by establishing a framework for governmental units, such as cities, towns, and regional districts, to create and manage "Other Post-Employment Benefits Liability Trust Funds" (OPEB Funds). These funds are specifically designed to hold money for retiree health insurance benefits and to reduce any unfunded liabilities for these benefits. The bill outlines how these OPEB Funds should be established, managed by a board of trustees with investment authority, and how their assets can be appropriated to cover retiree health insurance costs. It also introduces reporting requirements to the Public Employee Retirement Administration Commission (PERAC) regarding actuarial valuations of these liabilities and makes a change to unemployment benefits for individuals working for educational institutions, preventing them from receiving benefits under certain circumstances related to pensions. Additionally, it proposes a special commission to study the application of veterans' preference in civil service positions.