Weymouth liability for retirees’ health costs pegged at $358 million
While post-employment liability was previously documented, it was measured in increments rather than as a total liability, which the state
As a result, the financial reports for fiscal 2018 reflect the total
Byron said every community is in the same situation, struggling to put aside money to cover those costs.
"You're generous with your health insurance benefits, so your liability may be higher than average," he told the council.
The town council in 2017 voted to join the Plymouth County OPEB Trust Program, which was created in 2015 to help communities and public entities in
Byron said the town has
At-Large Councilor
Byron said the town's pension liability is about 68 percent funded, leaving a liability of about
"The pension is in pretty good shape. The only ding in there is OPEB, but you're not alone," he said.
Byron said bond rating agencies will want to see the town make steady progress in putting money into the trust fund.
He said the town ended the year with a surplus of
Byron said the town has gradually increased its free cash during the last four years, from 4 percent to 8 percent.
"Most towns strive to get there," he said.
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