AN ACT ESTABLISHING A POST-RETIREMENT GROUP HEALTH INSURANCE TRUST FUND IN THE TOWN OF CONCORD.
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 a Post-Retirement Group Health Insurance Trust Fund in the town of Concord for the purpose of meeting the future costs of premiums payable by the town on behalf of retired employees and eligible surviving spouses or dependents of deceased employees pursuant to chapter 32B of the General Laws.
SECTION 2. The Post-Retirement Group Health Insurance Trust Fund shall be under the supervision and management of the town manager and under the custody of the town treasurer. The town manager may employ any qualified bank, trust company, corporation, firm or person for investment management and custody purposes and such services shall be paid from the fund. The fund shall be credited with all amounts appropriated to it or otherwise made available by the town.
The town manager may also employ or contract for actuarial services which shall be paid for by the fund. Actuarial services obtained in support of the fund may include, but shall not be limited to, the following: (a) measurement of the present value of future benefits attributable to the year earned; and (b) establishment and periodic updating of a schedule of funding levels required to amortize the existing initial unfunded actuarial liability over a period not to exceed 30 years and to amortize any additional unfunded actuarial liability over a period not to exceed 15 years from the year of the determination in which the additional liability is first recognized. This information shall assist in determining the recommended annual appropriation to the fund.
SECTION 3. The assets of the Post-Retirement Group Health Insurance Trust Fund may be invested by the treasurer in accordance with chapter 203C of the General Laws and any earnings or interest accruing from the investments shall remain with the fund and shall be expended only for the purposes of the fund, subject to appropriation.