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Select Board adopts OPEB trust agreement to formalize retiree benefit funds
Summary
The board approved a formal OPEB (other post‑employment benefits) trust agreement required under MGL Chapter 32B, §20 after staff found the town had not previously executed the formal trust document; the treasurer will serve as trustee and Bartholomew Bank will assist with management.
The Select Board voted June 24 to approve an other post‑employment benefits (OPEB) trust agreement to formalize how the town holds and uses funds for retiree health liabilities.
Staff told the board that while the town previously adopted MGL Chapter 32B, section 20 (which authorizes an OPEB trust), it had not executed a formal trust agreement. Paige said she worked with Bartholomew Bank and the treasurer (Paula) to draft and refine a trust document and that town counsel reviewed the final version. The agreement specifies the treasurer as trustee, limits trust expenditures to health insurance benefits and related administrative costs and enables use of funds for actuarial valuations if authorized by the town.
The board moved and approved the trust agreement so auditors would have a formal document to review as part of the FY25 audit work. The vote was recorded with no opposition.
