Previous Story
Settlement class, Fund members to get over $1,200 each
The NMI Settlement Fund said all Settlement class members and CNMI Fund members receiving an annuity would get an equal part from the $3.5 million bonus appropriated by the CNMI government last Friday.
An equal share of the bonus from a portion of the government’s Casino Gross Revenue Tax is equivalent to $1,257.18.
The NMI Settlement Fund said the disbursement of the $3.5 million to the Settlement class members will be based on the membership as of Nov. 30, 2017, and in accordance with the Secretary of Finance’s payment instructions as set forth below:
1. Retirees will receive an equal share with other retirees.
2. Survivors
a. Surviving spouses without qualified child(ren) will receive an equal share.
b. Surviving spouses with qualified children will equally share the bonus payment.
c. If no surviving spouse, surviving qualified children will equally share the bonus payment.
3. Retirees whose benefit payments are subject to a court-ordered divorce decree or judgment (including their non-retiree ex-spouses) will receive bonus payments based on the allocation set forth in their respective decree or judgment.
The bonus payments are not covered payments under the Settlement Agreement. Thus, all recipients will be responsible for reporting and paying taxes on the bonus payments. (PR)
