Skip to Content

Download PDF

HOUSE DOCKET, NO. 4625        FILED ON: 9/18/2009

HOUSE  .   .  .  .  .  .  .  .  .  .  .  .  .  .  No. 4319



The Commonwealth of Massachusetts



Thomas P. Conroy


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 Establishing A Post E mployment Benefits Trust Fund In The Town Of Wayland.






Thomas P. Conroy

13th Middlesex

The Commonwealth of Massachusetts


In the Year Two Thousand and Nine



An Act Establishing A Post Employment Benefits Trust Fund In The Town Of Wayland.


              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.   There shall be in the Town of Wayland an account called “Other Post-Employment Benefits Trust Fund” or “OPEB Trust Fund” as defined in Governmental Accounting Standards Board, Statements 43 and 45, which shall be under the supervision and management of the Town Administrator and Finance Director.  The Town Treasurer shall be the custodian of the OPEB Trust Fund. 

Section 2.   The OPEB Trust Fund shall be credited with all amounts appropriated or otherwise made available by the town, including any earnings or interest accruing from the investment of these funds, to offset the anticipated cost of health/life insurance contributions or other benefits for retired employees, their spouses and eligible dependents and the surviving spouses and eligible dependents of deceased retirees. 

Section 3.   Amounts in the OPEB Trust Fund shall be expended only for the payment of the costs payable by the town for OPEB. 

Section 4.   The Town Treasurer shall invest and reinvest the funds prudently.  The Town Treasurer may employ any qualified bank, trust company, corporation, firm or person to advise it on the investment of the fund and pay such expense from the fund.  The funds could be invested with the commonwealth as part of the Pension Reserves Investment Trust Fund, the Middlesex Retirement System or other stock/bond mutual fund available for other trust investments. 

Section 5.   The 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.