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Palacios is new Retirement Fund board chair
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Posted on Apr 05 2012
By Moneth Deposa
Reporter
Reporter
The NMI Retirement Fund board of trustees has selected Bernardita C. Palacios as its new chairperson during an election of officers yesterday.
Palacios succeeded Sixto K. Igisomar, whose re-appointment to the board is awaiting Senate confirmation.
Newly re-appointed Adelina C. Roberto was elected to the vice-chairmanship of the board, a position she previously held.
The board currently has three vacancies after the term expiration and resignation of the following trustees: Sixto Igisomar, Frank Rosario, and Jerry Crisostomo.
Palacios thanked her colleagues-Roberto, Marian Tudela, and Nacrina Barcinas- yesterday for their vote of confidence. She assured that she will do her best to address the present problems at the pension fund and save the program from collapse.
In an interview after the board meeting, Palacios disclosed that the board will put on hold all negotiations pertaining to the board consultancy position pending Igisomar’s re-appointment.
Igisomar had earlier disclosed that the board has selected and offered a contract to former House speaker Heinz Hofschneider as board consultant but due to the delay in his confirmation, the contract has yet to be executed.
Palacios said the board is optimistic about Igisomar’s confirmation soon.
“I hope the Senate will hear us because we need Mr. Igisomar onboard because of his expertise. It would be difficult for new members to come in because we need to train them,” she said.
In yesterday’s meeting, the board was asked by two members of the public to continue finding solution to the current dilemma of the pension fund.
Oscar Camacho, director of the Commonwealth Retirees Association, extended the association’s appreciation for the board’s initiatives to save the pension plan. The Fund is projected to last less than three years if no new money comes.
Also discussed at length were the status of the Fund’s pending cases in court as well as the recommendations of Superior Court Associate Judge Kenneth Govendo on how the Fund can be saved.
