Bill
Bill > H3724
MA H3724
Relative to the other post employment benefits trust fund of the town of Wellesley
summary
Introduced
05/30/2017
05/30/2017
In Committee
07/31/2017
07/31/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to the other post-employment benefits trust fund of the town of Wellesley. Public Service. [Local Approval Received.]
AI Summary
This bill amends Chapter 88 of the Acts of 2004 to establish an Other Post-Employment Benefits (OPEB) Trust Fund for the town of Wellesley. The bill defines key terms such as "OPEB," "normal cost of other post-employment benefits," "OPEB liability," and "unfunded OPEB liability." It outlines the structure and management of the OPEB Trust Fund, including its supervision by the town's contributory retirement board and the custodianship of the town treasurer. The bill also requires an actuary to determine the OPEB liability and establish a schedule of annual payments to reduce the unfunded OPEB liability over a period not exceeding 30 years. All payments for the town's share of premium costs and claim costs for retired employees and their eligible dependents shall be made from the OPEB Trust Fund.
Committee Categories
Labor and Employment
Sponsors (3)
Last Action
Amended by substitution of a bill with the same title, H4006 (on 11/02/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/H3724 |
| Bill | https://malegislature.gov/Bills/190/H3724.pdf |
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