The Town Council approved an OPEB* Trust Committee in Fiscal year 15 to manage the funds set aside for the Town’s OPEB unfunded obligation of approximately $90,000,000.
This obligation is for current and future health care cost for town and school retirees. Communities across the Commonwealth face similar problems funding this obligation. While the town is doing its best to fund this obligation it will not be achieved unless state laws are changed to ease our future obligation.
The Trust Committee met on several occasions and decided to invest with the Commonwealth’s PRIT fund to get the higher rate of return on our investment that allowed by law if the town was managing the funds. Our initial allocation into the account will be over $1,800,000.
We will continue to make requests of the Town Council to continue to fund the Trust to help meet our obligation.
Regards,
- Jeff Nutting
- Susan Gagner
- Miriam Goodman
- Peter Lounsbury
- Greg McNeille
- Treasurer, James Dacey
The full recent auditor's report on the OPEB obligation can be found here
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| Franklin's Town Common on a summer day |
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"Prior to November 1 of each year, the Town Clerk shall cause to be prepared and made available to the inhabitants of the Town an annual report for the preceding fiscal year which shall include: the annual Town budget, the reports of all Town officers, the records of all Town Council bylaw amendments and resolutions, an abstract of births, marriages and deaths, and the wages, salaries, or other compensation of all Town employees." [Added 5-2-2012 by Bylaw Amendment 12-681]
Shared from the full and complete PDF version of the Town of Franklin Annual Report for 2015
Related posts on OPEB
- Live reporting on the Town Council meeting in Nov 2015 when the Auditor came to present
- What is Franklin doing?
- Needham is touted as a 'best practice' on OPEB
* Other Post-Employment Benefits (OPEB)
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