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Effective in fiscal years beginning after December 15, 1992,
public utilities having more than 500 employees shall begin accruing
postretirement benefits other than pensions obligations for financial
reporting purposes. For ratemaking purposes, the Commission will
determine in general rate proceedings, on a case-by-case basis, the
appropriate amount of the costs of postretirement benefits other than
pensions to be recovered in rates. The monies recovered from
ratepayers in an amount estimated to equal the costs of postretirement
benefits other than pensions shall be placed in an external account,
specifically maintained for the purpose of funding these benefits for
current and future retirees, unless the utility demonstrates
substantial savings to the ratepayers by not externally funding. The
utility shall make regular, periodic deposits to the fund in a manner
calculated to maximize fund earnings.
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