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25-pct. deferred pension now with Settlement Fund
The Executive Branch has already done its part. Now it’s up to the Settlement Fund as to when they will release retirees’ 25-percent deferred pensions covering July, August, and September.
This essentially is what acting press secretary Ivan A. Blanco told media yesterday regarding the issuance of the latest allocation of deferred pension payments owed the Commonwealth’s retirees.
“Finance already transferred the funds to the Settlement Fund’s bank account. Now we will just have to wait for the Settlement Fund to issue out the payments to the retirees. It is the governor’s hope that the deferred pensions will be released this week, hopefully by Friday [Oct. 10]. Just like last time,” said Blanco.
He said the release of the deferred payments would bring current payments to retirees to 100 percent.
“The government will come in with the other 25 percent. So everything will be 100 percent by Oct. 15. We would have caught up with all the payments by then,” he said.
An email sent to Settlement Fund administrator Lillian M. Pangelinan asking about the release date of the 25-percent deferred pension remained unanswered as of press time.
Blanco said Gov. Eloy S. Inos is glad that the government is now able to restore the 100 percent pension of retirees.
“He wants to get this out of the way and get the payments up to date. It’s the government’s obligation. He’s happy about this as there’s finally money for the beneficiaries,” he said.
The restoration of retirees’ deferred 25-percent pension is a result of the release of $30 million in escrow after the CNMI Lottery Commission and Best Sunshine International Ltd.’s signed a historic $3.14-billion Saipan casino agreement.
The Hong Kong-based investor has since amended its investment figures and will now plunk down $7.1 bilion for its planned integrated casino resort project on Saipan.
Retirees’ nine-month payments, covering Oct. 1, 2013, to June 30, 2014, have already been released. The payments for the July to September quarter are expected in early October. Under the original agreement, future disbursements of restored 25 percent pension will be made on a quarterly basis.
