Torres admin remits $1M to Settlement Fund

Posted on May 04 2016

The administration of Gov. Ralph DLG Torres on Monday paid $1 million to the NMI Settlement Fund as part of amounts owed for the third quarter of this fiscal year.

Its last made payment on April 21 for the third quarter, also amounted to $1 million.

The payments bring the balance remaining payable in the third quarter 2016 to $4 million, out of the $6 million total.

The administration paid out $10.5 million for the second quarter of this fiscal year, paying this out in various disbursements from January to March.

The administration paid out $4.5 million in the first quarter of the fiscal year through several disbursements to the Fund.

Last month, the administration said in a statement, that they continue to ensure payments are made on time and value their positive partnership with the Fund and its trustee Joyce Tang.

They also said there was room for the Settlement Fund, the Legislature, and the administration to openly discuss measures to ensure the continued propitious payments to retirees and survivor beneficiaries.

Dennis B. Chan | Reporter

Dennis Chan covers education, environment, utilities, and air and seaport issues in the CNMI. He graduated with a degree in English Literature from the University of Guam. Contact him at dennis_chan@saipantribune.com.

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