a).The town shall engage an actuary, who shall be a member of the American Academy of Actuaries, to perform an actuarial valuation of the town’s OPEB liabilities and funding schedule, as of January 1, 2006, and no less frequently than every second year thereafter. The determinations shall be made in accordance with generally accepted actuarial standards and shall conform to the requirements of GASB 43 and 45 and the actuary shall make a report of the determinations to the town meeting and include it in the town report. The report shall, without limitation, detail the demographic and economic actuarial assumptions used in making the determinations and each report after the first report shall also include an explanation of the changes, if any, in the demographic and economic actuarial assumptions employed and the reasons for the changes. The cost of the bi-annual actuarial evaluation shall be at the town’s expense.

(b).Beginning in fiscal year 2008, payments for the purposes of meeting the town’s cost of OPEB under this act may be made from the trust fund.

SECTION 2.  This act shall take effect upon its passage.