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Town hears KMS Actuaries update on OPEB valuation; trust about 58% funded as of June 30, 2024
Summary
KMS Actuaries presented the town's GASB 74/75 actuarial valuation and funding analysis for other post-employment benefits (OPEB). The firm reported the OPEB trust held about $3.3 million against a liability of about $5.7 million on June 30, 2024, and recommended continuing prefunding to lower long‑term costs.
Linda Bornoval, owner and founder of KMS Actuaries, briefed the Board of Selectmen on the town’s other post-employment benefits (OPEB) valuation and what the results mean for budgeting and financial reporting.
Bornoval said the firm calculates future retiree health-care costs by modeling probabilities — when employees will retire, whether they will elect coverage and how long they will live — and then discounting those future costs to present value. She told the board the town’s last valuation snapshot, as of June 30, 2024, showed approximately $3.3 million in the OPEB trust and about $5.7 million in liabilities, a…
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