Authorizes local governments to establish funds for other post-employment benefits.

The bill amends the general municipal law to allow the governing boards of counties, cities, villages, and towns to establish one or more other post-employment benefits (OPEB) reserve funds. These funds will finance all or part of the cost of providing benefits such as health insurance, life insurance, disability benefits, and long-term care to eligible retired employees and their dependents. The funds can be financed through budgetary appropriations, tax revenues, gifts, grants, and contributions.

Authorizes local governments to establish funds for other post-employment benefits.

The bill amends the general municipal law to allow the governing boards of counties, cities, villages, and towns to establish one or more other post-employment benefits (OPEB) reserve funds. These funds will finance all or part of the cost of providing benefits such as health insurance, life insurance, disability benefits, and long-term care to eligible retired employees and their dependents. The funds can be financed through budgetary appropriations, tax revenues, gifts, grants, and contributions.