Previous Story
Settlement Fund gets $30M
The CNMI government, through the Department of Finance, has remitted $30 million to the Settlement Fund, as part of its annual obligation to the retirees of the CNMI.
According to Finance Secretary Larrisa Larson, the department has met its obligation this fiscal year to CNMI retirees by remitting a total of $33 million within the third quarter, thereby paying the amount required by the Settlement Agreement and budget laws for fiscal year 2017.
“In the previous year, we fulfilled our obligation on time. This year, that goal has not changed as we continue to meet our obligations to our retirees. We want to ensure that our retirees receive their pensions in a timely manner,” Larson said.
In fiscal year 2016, obligation payments were made on time and fully paid by the end of September.
“It is a priority of this administration to pay what is due to our retirees,” said Gov. Ralph DLG Torres.
“I commend the Department of Finance for remitting the payment in full a month in advance. We are making great strides to pay off our obligations and put our government in a better position to address other critical issues,” Torres added.
An additional $3.5 million received by the Settlement Fund is supplemental funding to retirees and beneficiaries, Larson said.
“The administration worked with the Legislature to pass Public Law 19-75 to give our retirees a supplement. As a result, Finance remitted $3.5 million in bonus payments to our retirees this fiscal year. This amount was equally distributed to all beneficiaries and their dependents,” Larson said.
Torres reiterated the administration’s commitment to meeting its fiscal responsibilities moving forward.
“We have so much more priorities to address, but we will continue our work of cleaning up our finance and bettering the lives of the entire Commonwealth with a growing economy. We hope to continue building on this commitment into the next fiscal year,” Torres said.
