Previous Story
$610M assets, $93K liabilities
|
Posted on May 18 2012
»Fund files statement of financial affairs
By Ferdie de la Torre
Reporter
Reporter
The NMI Retirement Fund filed yesterday in federal court its statement of financial affairs, listing its assets in the amount of $610 million and liabilities of $93,183.98.
According to its summary of schedules, the Fund’s assets consist of $3,165,775 in real property and $606,834,237.86 in personal property.
Of the $606,834,237.86 in personal property, $297,879,389.19 consists of receivables owed the Fund by the CNMI government and select agencies and public corporations.
The $93,183.98 in liabilities reflects creditors holding unsecured nonpriority claims.
The Fund’s footnote in the summary of schedules states that a significant portion of its unsecured, non-priority liabilities consist of unliquidated amounts that are owed Fund members. The Fund said liquidation of such amounts will likely require completion of its ongoing actuarial analysis.
The Fund, through counsel Braddock J. Huesman, also filed yesterday a motion asking the court to seal some portions of its statement of financial affairs, particularly portions that contain the names and addresses of beneficiaries.
Huesman said the Fund does not believe that there is a compelling public interest to be served through the disclosure of beneficiaries’ personal, sensitive financial information.
Huesman earlier disclosed that over the past three years, the Fund’s payment of benefits to beneficiaries and operating expenses averaged approximately $77.9 million per year.
In contrast, he said, during those same years, the Fund’s funding (consisting of employee contributions, returns on investments, and employer contributions) has averaged approximately $30.9 million per year.
“As a result of such continuous underfunding, which necessitated withdrawing from its portfolio to cover funding shortfalls, the value of the [Fund’s] assets has fallen from $353,475,412.00 in 2009 to its current level of $268,448,997.84,” Huesman said.
The Fund, he added, is subject to liabilities (both current and actuarial) totaling approximately $911 million.
