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Blackstone-Millville committee creates OPEB trust, approves investment policy
Summary
The school committee voted to establish an OPEB liability trust under Massachusetts law, designate the treasurer as trustee and adopt an investment policy specifying Rockland Trust as investment manager to hold funds for retiree health and life benefits.
The Blackstone-Millville Regional School Committee on Feb. 11 voted to establish an Other Post-Employment Benefits (OPEB) liability trust and adopt a related investment policy to manage funds for retiree health and life benefits.
The motion, presented by committee member Tammy Lemme, invoked Section 20 of Chapter 32B of the Massachusetts General Laws (as amended) to authorize the district and treasurer to execute a declaration of trust creating an expendable trust for monies appropriated for retiree benefits. The committee also authorized the trustee to invest and reinvest the monies in accordance with the prudent investor rule and discussed appointing Rockland Trust Company as investment manager to implement the district’s objectives and risk tolerance.
Administrators said the trust and policy provide the framework to invest funds prudently and to separate OPEB liabilities from the general operating budget. The business office noted that the trust and a related investment policy will be entered into the record and distributed to committee members. The motion passed by voice vote.
Next steps: the treasurer is expected to execute the declaration of trust and the district will circulate the adopted investment policy and documentation to the committee.
