Laserfiche WebLink
' 19. Commitments and Contingencies <br /> ' Outstanding Lawsuits - There are several pending lawsuits in which the <br /> Town is involved. The Town 's management has established a contingent <br /> liability of$500,000 towards potential future settlements of such claims. <br /> Grants - Amounts received or receivable from grantor agencies are subject to <br /> audit and adjustment by grantor agencies, principally the federal government. <br /> Any disallowed claims, including amounts already collected, may constitute <br /> a liability of the applicable funds. The amount of expenditures which may be <br /> disallowed by the grantor cannot be determined at this time, although the <br /> Town expects such amounts, if any, to be immaterial. <br /> 20. Post-Retirement Health Care and Life Insurance Benefits <br /> The Town's employee contracts provide for health care and life insurance <br /> benefits to retirees, their dependent, or their survivors. These benefits are <br /> provided through the Town's group plans. The cost of these benefits are <br /> included in the total cost of benefits for both active and retired employees. <br /> The number of participants currently eligible to receive benefits, and cost of <br /> benefits for retirees, their dependents, or their survivors for the year ended <br /> June 30, 1999 was not available. <br /> 21. Pension Plan <br /> 1 The Town follows the provisions of GASB Statement No. 27, Accounting for <br /> Pensions for State and Local Government Employees, with respect to the <br /> employees' retirement funds. <br /> A. Plan Description <br /> ' The Town contributes to the Barnstable County Retirement System <br /> (the System"), a cost-sharing multiple-employer, defined benefit pension <br /> plan administered by a county retirement board. The System provides <br /> retirement, disability and death benefits to plan members and bene- <br /> ficiaries. Chapter 32 of the Massachusetts General Laws assigns the <br /> System the authority to establish and amend benefit provisions of the <br /> plan, and grant cost-of-living increases, to the State legislature. The <br /> System issues a publicly available financial report which can be obtained <br /> through the Barnstable County Retirement Association, 99 Willow Street, <br /> Yarmouth, MA 02675-1742 <br /> 21 <br />