Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Notwithstanding the provisions of any general or special law to the contrary, the town of North Reading is hereby authorized to appropriate in any given year money to establish a fund to be known as the North Reading Town Employee Retirement Fund, which shall be kept separate and apart from all other monies by the treasurer of said town and which together with any interest shall be used for the purposes of paying costs associated with the retirement of town employees such as accrued vacation and sick leave. Any expenditures from said fund shall require a majority vote of any regular or special town meeting.