Wareham will now have more money set aside for emergencies and retirees.

The Board of Selectmen unanimously voted to accept and approve changes requested by Town Administrator Derek Sullivan to the town Stabilization Fund and Other Post Employment Benefits trust fund at their meeting on Tuesday, Nov. 1.

According to Sullivan’s revision to town policy, each Town Meeting should vote to transfer at least $100,000 in free cash to the Stabilization Fund, which is set aside in case of unforeseen expenses, and at least $300,000 to the Other Post-Employment Benefits trust fund, which goes towards life insurance and healthcare for retirees. The original policy stated that Town Meeting should only transfer $100,000 of free cash to the Stabilization Fund, and 25% of free cash to the Other Post-Employment Benefits trust fund.

According to Select Board Member Alan Slavin, there is over $1 million in Plymouth County’s Other Post-Employment Benefits trust fund. Wareham was one of the first communities to join the fund.

“The goal is to have that fully funded and have that offset your cost for retiree health insurance,” Sullivan said. 

Only Town Meeting can authorize putting money into and taking money out of these funds, and can only do so with a two-thirds majority vote. 

“You should really use that Stabilization Fund for emergencies or one-time things,” Sullivan said. 

The revised policy states that at least five percent of each fiscal year’s operating budget should go towards the Stabilization Fund. 

“Believe it or not, the trend is now getting to eight or 10% of the operating budget,” Sullivan said. “I think we’re over the six percent range, we’re doing okay, but there could always be room for improvement to have that even higher.”