The St. Mary’s County Commissioners this week formally named CFO Jeanett Cudmore to serve as the county’s representative Trustee on the MACo OPEB Investment Trust. Ms. Cudmore was appointed to the CFO position for the county in May, following the death of longtime CFO Elaine Kramer.
The MACo Pooled OPEB Investment Trust is a vehicle designed to help local governments invest current funds toward future obligations for retiree health insurance, a.k.a. “other post-employment benefits.” Recent accounting rule changes have highlighted these liabilities on government balance sheets, and many counties are amidst plans to save toward these future costs.
Counties, county-funded agencies (like libraries and community colleges), and municipal governments are welcome to join the MACo OPEB Investment Trust to make long-term plans for assets dedicated to these obligations. Interested county officials are invited to contact MACo Executive Director Michael Sanderson for more details.