Plymouth County OPEB Trust Shows Strong 9.44% Returns Over Five Years
PLYMOUTH - September 25 - Plymouth County Commissioners received a glowing report on the county’s Other Post-Employment Benefits (OPEB) Trust, which has generated a 9.44% annualized return over five years and grown to $4.26 million in total value, with $1.2 million attributed to investment gains.
The Full Story
Deputy Treasurer Jeff Welch presented the impressive performance data for Plymouth County’s OPEB Trust (PCOT) at the September 25 Commissioners meeting, highlighting the fund’s success in preparing for retiree healthcare costs. The trust, which has been operating for nearly 10 years, has grown from approximately $3 million in principal investments to its current value of $4,262,923.06.
“The five-year annualized return... is 9.44% annualized. So, that’s above and beyond what we get in our GASB 74 and 75, the actuarial valuations,” Welch reported to the commissioners.
The OPEB Trust was designed to fund health insurance costs for county retirees, addressing what Welch described as a multi-billion dollar unfunded liability facing government entities nationwide. Currently serving 165 retirees on Med-X coverage, the fund could theoretically cover monthly premiums of $1,047 per retiree for approximately six and a half years if needed.
Commissioner Greg Hanley praised the program’s impact on member communities, specifically noting how Carver’s bond rating improved simply by joining the trust. “I vividly remember the immediate impact to Carver’s Bottom Line when their bond rating improved by just joining Plymouth County OPEB Trust,” Hanley said, adding that the improvement resulted in “tremendous savings” during the town’s school and public building borrowing.
Looking ahead to the trust’s 10-year anniversary, Hanley proposed hosting an event to attract more of Plymouth County’s 27 communities to join the program. The commissioners discussed how the trust’s structure creates economies of scale, with lower management fees as more funds are invested.
Deputy Treasurer Welch warned that unfunded OPEB liabilities may soon face the same mandatory funding requirements that pension systems encountered in the 1980s. “I do believe, as does the Treasurer, but more so my opinion is that there’s going to be more mandates that unfunded OPEB liability gets funded,” he said.
In other business, the commissioners approved routine administrative matters including personnel changes, vendor vouchers, and payroll. They also approved an $80,499.51 ARPA fund disbursement to the Town of Hull for a project that came in under budget, allowing the town to redirect unused funds to another initiative.
Administrator Frank Basler provided updates on a food resilience project that began in April 2024, partnering with OCPC and the Marion Group. The project, funded by a $300,000 state grant with $30,000 in county seed money, has attracted 57 consultants expressing interest in the consulting phase. The initiative involves diverse stakeholders from high school students to farmers, fishermen, food retailers, and municipal leaders.
“We haven’t seen this since the opioid task force back before the pandemic,” Basler noted about the collaborative effort addressing food insecurity throughout the region.
The commissioners also approved 2026 vehicle pricing from Liberty Chevrolet for the county’s municipal vehicle bid, extending their current contract terms.
Why It Matters
The strong performance of Plymouth County’s OPEB Trust demonstrates effective long-term financial planning that could save taxpayers millions in future healthcare costs for retirees. The 9.44% annual returns significantly exceed typical expectations and position the county well ahead of potential future mandates to fully fund these benefits. For communities considering joining the trust, the data shows both immediate benefits like improved bond ratings and long-term fiscal sustainability.
Meeting Minutes
Key Motions & Votes
Motion: Accept September 11, 2025 minutes. Outcome: Approved. Vote: Unanimous. (Timestamp: 1:25)
Motion: Accept and approve personnel forms for Jada Figueroa (custodian extension) and Christine Richards (retirement). Outcome: Approved. Vote: Unanimous. (Timestamp: 1:48)
Motion: Accept and approve vendor vouchers. Outcome: Approved. Vote: Unanimous. (Timestamp: 1:56)
Motion: Accept and approve payroll vouchers. Outcome: Approved. Vote: Unanimous. (Timestamp: 2:02)
Motion: Grant ARPA disbursement of $80,499.51 to Town of Hull. Outcome: Approved. Vote: Unanimous. (Timestamp: 3:16)
Motion: Approve 2026 vehicle pricing from Liberty Chevrolet for municipal vehicle bid. Outcome: Approved. Vote: Unanimous. (Timestamp: 3:55)
Motion: Adjourn into executive session not to reconvene. Outcome: Approved. Vote: Unanimous by roll call. (Timestamp: 19:05)
Public Comment
No public comment period was held during this meeting.
What’s Next
The advisory board committee meeting is scheduled for Thursday, October 23rd at 5:30 PM to discuss FY25-26 transfers. The food resilience project RFP responses are due Monday, September 29th. Commissioners plan to explore hosting a 10-year anniversary event for the OPEB Trust to attract more member communities.