Unfunded liability is an item of discussion for the Franklin budget. There are two areas of unfunded liability. The Norfolk County Retirement System and the towns own post-retirement benefit liabilities. Town administrator Jeff Nutting reviewed this worksheet with the Finance Committee at the December meeting. It was the first time that Franklin had received such detail from Norfolk County.
As you read the table in the attachment below, FRA is the Franklin line. We have an outstanding liability of $36.4M.
How Franklin will save to pay for this unfunded liability will continue to be a discussion item each budget cycle.
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