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Sorry condition of the Retirement Fund
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Posted on Apr 24 2009
I read Sen. Frica Pangelinan’s comments and response regarding the Retirement Fund with sadness. Sadness about the sorry condition of the retirement program. What started out as a program to provide for the best retirement plan in the world is now near bankruptcy. It is my understanding that the CNMI elected to not participate in the U.S. Social Security, as it was feared that it would go bankrupt. The CNMI retirement program on the other hand cannot go bankrupt. Why did the CNMI think so?
I believe the reason for why the retirement program is what it is now is the very generous benefits as enacted by the Legislature. There was a period when to ensure re-election, a law would be enacted increasing the benefits. So what is the CNMI to do now to improve the condition of the retirement program? Senator Pangelinan mentioned several options, including property tax. I know this is an unpopular topic. Yet we need to seriously consider it. Land is what we have. It can provide for a stable tax base, which the CNMI lacks.
We are faced with not only uncertainties; we have no concrete solutions to our problems. The government needs to be reformed. It needs to be downsized. It needs to be run efficiently by having its employees multi-task and perform their work with passion. Having a job is not a right: it is a privilege. It should be based on performance. After all it is the taxpayers’ money (yours and mine) that pays for their salaries.
Whose fault is it that the Retirement Fund is in this predicament? It is our fault as we continue to allow ourselves to be fooled election year after election year. I would think that 25 years is enough time for all of us to have grown and to be able to think for ourselves. Let us show our maturity this coming election. I am repeating what I have said earlier: Vote intelligently. Vote with conscience. Vote for the future including for the sake of your loved ones.
[B]Efrain F. Camacho[/B] [I]Navy Hill, Saipan[/I]
