OPEB monster

Full and original article posted on Telegram & Gazette

The bland but baleful behemoth

It’s the creature that consumed Central Falls, the stalker that slew Stockton. And as surely as baby boomers are retiring, and retirees are living longer, this financial fiend is wending its wily way to Worcester, as well.

The creature’s name is OPEB — Other Post-Employment Benefits. It was born in the postwar boom when cities and towns hit upon a heady elixir to keep wages low by offering employees the prospect of a comfortable retirement, one paved with pensions and health insurance premium coverage.

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