Please join us on Wed, April 8, 11:30 am – 1:00 pm at NewTV, 23 Needham St., Newton
Brown-bag lunches welcome
Employees of the City of Newton earn both current (salary) and deferred compensation. Newton’s employees receive their deferred compensation – pensions, post-retirement healthcare, and similar benefits – once certain age service thresholds are met and the employee retires.
While Newton is required to set money aside to cover future employee pension liabilities, there are currently no such requirements for Other Post-Employment Benefits (OPEB) such as healthcare. As a result, OPEB are paid against current year budgets as needed, and future needs show up as an unfunded liability on the City’s balance sheet.
This month’s topic meeting will explain the OPEB issue, provide an understanding of what risks the OPEB problem poses for the City’s financial health, and discuss strategies that other municipalities have used to address such future funding needs.
Our speakers will be:
- Tony Logalbo – Finance Director, Town of Concord
- An explanation of the OPEB problem and Newton’s current situation
- Discussion of other municipalities’ strategies
- Maureen Lemieux – CFO, City of Newton
- Discussion of Newton’s plans to fund OPEB in the near- and long-term
Each speaker will have the opportunity to speak for 15 minutes, followed by open discussion among all attendees.