Creates other post-employment benefit reserve funds; repealer

This bill allows school districts and boards of cooperative educational services to create special reserve funds specifically for paying other post-employment benefits, such as healthcare, that employees are entitled to after leaving their jobs. The legislation defines these benefits and permits these entities to fund the reserves through budget appropriations, taxes, or transfers from existing funds, provided a public hearing is held before moving money. It also requires strict financial reporting and prohibits governing board members from using the funds for any purpose other than covering these specific post-employment obligations. Additionally, the bill repeals two existing legal sections and amends education law provisions regarding how costs are allocated to certain school districts.