Chapter 40 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by adding after section 13C the following section: Section 13D. Any city or town or district which accepts the provisions of this section by majority vote of its city council or the voters present at a town meeting or district meeting or by majority vote of a regional school committee may establish, and appropriate or transfer money to a reserve fund for the future payment of accrued liabilities for compensated absences due any employee or full-time officer of said city or town upon the termination of such employee’s or full-time officer’s employment. The treasurer may invest the monies in the manner authorized by Section 54 of Chapter 44, and any interest earned thereon shall be credited to and become part of the fund.  In the case of Regional School Districts, funds may be added to the accrued liabilities fund only be appropriation in the annual budget voted at annual town meetings of member towns.  Any Regional School Districts maintaining such a fund at the time this legislation is adopted my continue maintaining said fund pursuant to this Section. Said city council, town meeting or district meeting may designate the municipal official to authorize payments from this fund, and in the absence of such a designation, it shall be the responsibility of the chief executive officer of said city, town or district.