Article 21 - OPEB Trust Fund Expense

ARTICLE 21. To determine whether the Town will appropriate a sum of money from the Other Post-Employment Benefits (OPEB) Liability Trust Fund established under Mass. Gen. Laws c. 32B, § 20, for OPEB Fund expenses, and further to authorize the Trustee of the OPEB Fund to employ reputable and knowledgeable investment consultants to assist in determining appropriate investments and to pay for those services from the OPEB Fund; or take any other action relative thereto.

Article Explanation

Similar to the previous article, best practice is that all Trust Fund expenses should be appropriated and paid directly from the Fund rather than deducting them from earnings. Further, under Mass. Gen. Laws c. 32B, § 20, Town Meeting must specifically authorize the Trustee’s employment of any and all investment consultants.

Article Motion

Mr. McKennitt moves that the Town vote to appropriate the sum of $275,000 from the Other Post-Employment Benefits Liability Trust Fund (OPEB Fund) established under Mass. Gen. Laws c. 32B, § 20, for OPEB Fund expenses, and further to authorize the Trustee of the OPEB fund to employ reputable and knowledgeable investment consultants to assist in determining appropriate investments and pay for those services from the OPEB Fund.