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‘DB interest payments in the next few days’
Acting governor Jude U. Hofschneider said yesterday the interest payment on withdrawn defined benefit plan contributions will be released “in the next few days” and asked for the public’s patience as the Department of Finance processes the payments.
“We will issue the payments as soon as we can,” Hofschneider told Saipan Tribune. He said the payments will be in the form of paper checks.
Retirees started getting their deferred 25-percent pension last week.
Funds for both the pension payment and DB interest payment came from a $30-million advanced license fee from Best Sunshine International Ltd., which bagged an exclusive license to develop an integrated casino resort on Saipan. The investment is expected to be $3.14 billion.
Acting press secretary Ivan Blanco quoted yesterday a statement from Finance Secretary Larrisa Larson, saying that the deposit timeline will be released “soon.”
“However, Finance is expediting processing of said payments at the soonest to issue the interest payments to the DB beneficiaries. We ask for their patience as we ensure they get their funds accurately,” Blanco quoted Larson as saying.
In October last year, the NMI Retirement Fund disbursed over $40 million in remaining defined benefit plan employee contributions refunded by over 1,700 individuals.
Checks ranged from $20,000 to $100,000, based on interviews with some of the members.
A former DB plan member said yesterday he will use the interest payment for his children’s school needs.
“I have five kids in elementary and high school. That’s my priority, their school needs. It’s back to school so we want to make sure we have everything they need,” he said.
