Skip to Content

HOUSE DOCKET, NO. 2464        FILED ON: 1/13/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3819

[LOCAL APPROVAL RECEIVED.]

 

The Commonwealth of Massachusetts

_______________

PRESENTED BY:

Robert J. Nyman

_______________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:

An Act Authorizing the Town of Hanover to Establish an Other Post Employment Benefits Trust Fund.

_______________

PETITION OF:

 

Name:

District/Address:

Robert J. Nyman

5th Plymouth


The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand and Nine

_______________



 

An Act Authorizing the Town of Hanover to Establish an Other Post Employment Benefits Trust Fund.



              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1 .    As used in this act, the following words shall have the following meanings:

"GASB 43 and 45", Statements 43 and 45 of the Governmental Accounting Standards Board and its successors .

"Other post employment benefits" or "OPEB",  post employment benefits other than pensions as that term is defined in GASB 43 and 45, including post employment healthcare benefits, regardless of the type of plan that provides them, and all post employment benefits provided separately from a pension plan, excluding benefits defined as termination offers and benefits .

SECTION  2 . (a) Notwithstanding any general or special law to the contrary, there shall be in the town of Hanover a n OPEB Trust Fund.   The town treasurer shall be the custodian of the OPEB Trust Fund, and he shall invest and reinvest the amounts in said fund not needed for current disbursement consistent with the prudent investor rule.

(b) Beginning in fiscal year 2009, the OPEB Trust Fund shall be credited with all amounts appropriated or otherwise made avai lable by the town for the purposes of meeting the current and future OPEB costs payable by the town. Said appropriation shall not be returned to the treasury except by vote of the town. The OPEB Trust Fund shall be credited with all amounts contributed or otherwise made available by employees of the town for the purpose of meeting future OPEB costs payable by the town.

(c) Beginning in fiscal year 2009, payments for the purposes of meeting the town's costs of OPEB under this act shall be made from the OPE B Trust Fund.

SECTION  3 .   This act shall take effect upon its passage.

The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

Error