OPEB, Other Post-Employment Benefits, Town Meeting, Burlington

 September 2 2015

Confused About OPEB? This Upcoming Discussion Could Help

By: BNEWS

There will be an informational meeting on an issue that has become a source of debate at Town Meeting. 

 

According to the invite, all Town Meeting Members and interested citizens are strongly urged to attend this important presentation and discussion of the Town's liability for Other Post-Employment Benefits, otherwise known as (OPEB).  

 

OPEB refers to benefits, other than pensions, that employees will receive after they retire. In Burlington, the most significant of these benefits is health insurance. In 2012 Burlington started an OPEB trust fund, with an initial contribution of $750,000, to cover future health insurance liabilities. In both 2013 and 2014 Town Meeting approved adding $500,000 each time to bolster the fund for the future. 

 

Continuing to fund this account has become a much-debated subject at Town meeting. 

 

On hand to offer different perspectives on the topic will be Kathy Riley of Segal Corp, the Town's actuary, Jim Powers of Powers & Sullivan, the Town's auditor, and Steve Stamm, TMM Precinct 4.  

 

The details of the Town's latest actuarial study will be presented and there will be plenty of opportunity for questions from the audience.  The discussion will be moderated by longtime Arlington Finance Committee Chairman Allan Tosti.

 

The meeting will be held on Tuesday, September 22 at 7 p.m. in the hearing room on the second floor of Town Hall. 

 
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