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Letter to the Editor Prepare for payback
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Posted on Sep 22 2000
It is very devastating and horrifying that the early retirement program was sent to the CNMI Attorney General’s Office for review and final opinion. After six months of review, the AG’s Office and the Board of Trust and Retirement have come to a final decision.
The final decision by the AG’s Office was made in June while the Board of Trust and Retirement made their final decision in July based on the AGO’s findings.
It has been learned from the retirement office that overtime services will be counted as part of time in service to help employees retire early, but will not be compensated as part of pension plan as it was before. It will be considered as vested services just like education and military services.
It has also been said that with this decision all CNMI early retirees will be getting cutbacks on what they are receiving now and for early retirees to pay back the retirement office what they have been getting since their first paychecks. This means, from whatever percentage your salary was based, it will drop to 43 percent.
As an early retiree who have to live with this horrible change of the retirement law, it is only fair that early retirees now on payroll who worked triple time to meet the early retirement be informed as soon as possible before receiving the letter of notice and adjustments.
It is only advisable that all early retirees start changing their present lifestyles with the income their receiving and start planning on how to live with a lower income in order to meet debts and family needs.
After half a year of juggling, planning and deciding on this very delicate and important issue that affects all the lives of people in the CNMI, it is just unbelievable that all the officials came out with a decision to make other people’s lives miserable.
So CNMI’s early retirees, get prepared to start loaning to pay back the NMIRF.
Name withheld by request
