Community Corner
Westport RTM Approves $4.23M for OPEB
The approval brings the annual required contribution to $8.23 million.
Westport’s Representative Town Meeting on Tuesday approved an additional $4.3 million to cover the town’s OPEB contribution for this year.
As per an article in WestportNow.com, the approval brings the annual required contribution to $8.23 million.
The funding increase — about double what the town was to contribute — is a for Westport taxpayers to swallow: It is the result of a miscalculation on the part of and a previously-contracted actuarial firm, which listed 452 participants in the town’s OPEB (other post employment benefits) pension plan, as opposed to the actual number, currently more than 900 current and former employees, resulting in it being underfunded. Town officials were earlier this year.
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As reported on Westport Patch, the Board of Selectmen and Board of Finance, along with Finance Director John Kondub (who recently ), had worked out a . The 30-year plan would require each Westport household to pay an additional $250 in taxes per year, in order to pay down a liability of $77.1 million. The RTM’s approval of the $8.2 million contribution is in keeping with that recommendation.
