SECTION 1. The contributory retirement board of the town of Dedham is hereby authorized, subject to the approval of town meeting and the board of selectmen, to transfer the assets of its group insurance liability fund to the Pension Reserves Investment Management Board (hereinafter "the PRIM board") in the same manner as its pension funds are transferred pursuant to subdivision (8) of section 22 of chapter 32 of the General Laws.

SECTION 2. Upon such transfer, the PRIM board shall hold such assets in trust for the town of Dedham and shall administer the funds in the same manner as pension reserve funds and pension funds pursuant to section 22 of chapter 32 of the General Laws; provided however, that expenditures of the funds may be made only for the purposes of the town of Dedham group insurance liability fund.

SECTION 3. The contributory retirement board may, subject to the approval of town meeting and the board of selectmen, revoke its decision to transfer assets at any time after 5 years from the initial decision. Such revocation shall become effective 6 months after the PRIM board receives notification of such decision of the board.

SECTION 4. The contributory retirement board of the town of Dedham is hereby authorized,

subject to the approval of town meeting and the board of selectmen, to transfer the assets of its group insurance liability fund to the State Retiree Benefits Trust (hereinafter "the SRBT") for purposes of investing such funds with the health care security trust created by chapter 29D of the General Laws

or through some other  investment vehicle of the commonwealth  in a like manner as its pension funds

are transferred to the PRIM board pursuant to subdivision (8) of section 22 of chapter 32 of the

General  Laws.

SECTION 5. Upon such transfer, the SRBT shall hold such assets in trust for the town of Dedham and shall see to the administration, investment and reinvestment of the funds by the health care security trust board of trustees, through such investment and reinvestment vehicles as set forth in subdivision (i) of section 4 of chapter 29D of the General Laws, or through some other  investment vehicle of the commonwealth in the same manner as pension reserve funds and pension funds pursuant to section 22 of chapter 32 of the General Laws;  provided however, that expenditures of the funds may be made only for the purposes of the town of Dedham group insurance liability fund.

SECTION 6. The contributory retirement board may, subject to the approval of town meeting and the board of selectmen, revoke its decision to transfer assets at any time after 5 years from the initial decision. Such revocation shall become effective 6 months after the SRBT receives notification of the decision of the board.

SECTION 7. This act shall take effect upon its passage.