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Settlement Fund targets May launch of audit software
A pension system audit software to help the CNMI Settlement Fund is expected to be launched by May.
In a report, Settlement Fund trustee Joyce C.H. Tang said the design and installation of the software has been completed after trial runs in January.
Tang said the information generated by the software showed that “fine tuning” of the software was required and in order to validate the results, the Settlement Fund staff reviewed approximately 50 files to verify the calculations.
The Settlement Fund is prioritizing its work to finalize calculations in order to launch the pension audit software prior to the target launch of May, Tang said.
Initial findings
According to Tang, the initial findings of the pension audit software during the trial run showed an “overpayment” to 276 members, reaching $1.5 million, and an “underpayment” to 124 members reaching $330,526.
Settlement Fund administrator Lilian Pangelinan said the figures shown in the initial findings are subject to manual checking and a “three-level” review.
Pangelinan said there are still “data discrepancies,” and these are some of the probable reasons for the “overpayments.”
She also cited bonuses given to elected officials, which depend on the years of service that the official has rendered. Another factor, Pangelinan said, is the COLA (cost of living allowance) also given to elected officials.
She assured that the Settlement Fund will work on issuing notices to members once the findings of the pension audit software are validated.
