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Fund trustee quits, board lawyers delay resignation
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Posted on Sep 09 2011
A trustees of the NMI Retirement Fund has quit while the agency’s lawyers have delayed their resignation at the request of board chair Sixto Igisomar.
Francisco Rosario, who was just recently confirmed as Fund trustee, recently tendered his resignation to Gov. Benigno R. Fitial. His resignation took effect yesterday.
Igisomar announced Rosario’s resignation during an emergency meeting on Thursday, citing the trustee’s illness as the main reason for his departure.
Rosario’s resignation means the board now only has six remaining trustees—Igisomar, who represents the Carolinian Affairs, Nacrina Barcinas for Rota, Jerry Crisostomo for Saipan, Bernadita Palacios for Tinian, Adelina Roberto for women’s interest, and Marian Tudela for Saipan.
Meantime, board legal counsel Viola Alepuyo also announced her and other Fund lawyers’ intention to resign. However, due to the board’s request, they decided to withhold the submission of their resignation letters. Alepuyo did not name who among the board’s attorneys intend to quit.
Igisomar said the planned“resignation of their attorneys was due to the negative impact of Public Law 17-51, or the beneficiary derivative law.
The board has already voted to announce two vacancies for lawyers’ position in anticipation of the formal resignation of the attorneys. It was decided that if lawyers reconsider their plans, these JVAs would be cancelled.
Trustees said that the agency is currently dealing with several court cases and it would take time for their attorneys to be removed from each court cases.
Among these lawsuits is the ongoing court judgment under Associate Judge Kenneth Govendo, pertaining to the unpaid employer contributions of the central government and the complaint filed by the Fund against its longtime investment consultant, Merrill Lynch.
