Chicopee officials transfer $1 million to retirement fund to begin making up $286 million in liabilities Updated 5:41 AM; CHICOPEE — Concerned about having more than $280 million in unfunded retirement liabilities, the city is starting an effort to slowly build up one of the accounts that will pay insurance for former employees. The City Council voted 12-0 to transfer $1 million of its remaining about $6 million in the free cash account to the retirement account that pays for health, dental and life insurance, but agreed there is a lot more work to be done. “It is basically a down payment for future expenses,” City Councilor Gary Labrie said.