Research Bureau Reveals Worcester Owes $727 Million in Benefit Liabilities
Friday, April 24, 2015
According to the Research Bureau's report, the city's unfunded OPEB liabilities will reach $1 billion by 2023 and $2 billion by 2042.
The city is currently $224,156,680 in arrears on a 30-year program to retire its OPEB liability.
The report reads, "The City of Worcester, like most municipalities, has struggled with outstanding pension and other post-employment benefit (OPEB) liabilities. While the City is engaged on a plan to fund its pension obligations by 2032, there is no plan in place to address the more than $727 million owed for OPEB, which mainly consists of retiree health care costs. Government Accounting Standards Board (GASB) rules require municipalities to calculate and report current OPEB liabilities, but Massachusetts law does not yet require cities or towns to address those liabilities."
To read the full brief, click here: Bureau Brief - Worcester's Unfunded OPEB Liability.
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