Wareham, MA joins Plymouth County OPEB Trust to save ‘millions’Categories: New England Developments,OPEB/GASB 45/75,PARS In the News
South Coast Today, by Michael J. DeCicco, February 25, 2015
The town (of Wareham, MA) became the first municipality in the county to join a new program that helps fund the high cost of retired employees’ benefits.
Selectmen on Tuesday night approved becoming a part of a Plymouth County trust program that will invest and grow the funds the town sets aside for what is called Other Post-Employee Benefits, i.e. benefits such as health insurance coverage that are in addition to the pension payment.
Town Administrator Derek Sullivan said after the vote he was ecstatic that the town decided to join. “We will be saving millions of dollars right off the bat,” he said. “Our OPEB liability is looking to be around $82 million. This will be a great help.”