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October is Retirement Fund month
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Posted on Oct 06 2000
In recognition of its contributions to the financial strength of local Northern Marianas residents and the community in general, the CNMI government has declared October as Retirement Fund Month.
Acting Gov. Jesus R. Sablan signed the proclamation on Wednesday as he encouraged members and employees of the Retirement Fund to celebrate agency’s 20th anniversary for the whole month of October with appropriate ceremonies and activities.
The 1st CNMI Legislature saw the need for a locally funded pension program that paved the way for the establishment of the NMIRF was on October 1, 1980 to provide retirement security and other benefits to government employees, their spouses and children.
NMIRF has a membership of 6,531 dedicated and industrious employees and retirees of the CNMI government.
It is vested with the trust and fiduciary responsibility of managing retirement contributions, diligently investing in prudent investment instruments to enable a growth in total assets from $3 million to $465.5 million in a 20-year period.
The Retirement Fund also administers the Workers’ Compensation Commission and the Government Group Health and Life Insurance Trust Fund, programs created and committed to providing protection for employees in the CNMI from the potentially devastating financial impact of injury or illness.
As part of its strategy to invest assets locally, the NMIRF makes available 15 percent of its assets to economically targeted investments including housing loans to its members.
