Haverhill
Haverhill Begins Formal Process of Paying Ahead for $276 Million in Future Retirees’ Insurances
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Haverhill is banking up to $25 million a year to catch up on decades of deferrals in funding future employee retirement pensions, but has officially put nothing aside to pay retirees health insurance costs. City CFO and City Auditor Angel A. Perkins told city councilors this week the city expects to meet its pension obligations in 2032, but will then have to fast track catching up on what is called other post-employment benefits—or OPEB, for short. “When our pension liability becomes fully funded in 2032, it’s going to free up anywhere from $20 to $25 million annually in appropriations and we’d like to pivot a significant portion of that to begin funding the OPEB,” she explained. She explained the source of what is now an estimated $276 million obligation. “Employees retire.