Sparks fly at NMIRF meeting

Tempers run high at the Northern Mariana Islands Retirement Fund Board meeting yesterday as Board Chair Vicente C. Camacho lambasted NMIRF Administrator Juan S. Torres for what he called attempts by the latter to control the board.

The simmering conflict between Mr. Torres and Mr. Camacho over a number of administrative issues has dragged for several months now, but the board chair blew his top when they were discussing the contract of Bruce Macmillan, the Fund’s consultant.

NMIRF has hired the services of Mr. Macmillan to make sure that the accounting system of the Fund is in compliance with the Office of the Public Auditor’s recommendations.

The hiring of Mr. Macmillan’s was recommended by Mr. Torres and was approved by the board on condition that his employment contract will only be for three months and his salary will not exceed $9,000.

However, the board believes that Mr. Macmillan has failed to accomplish the job since he started working for the Fund in March 2000. Mr. Macmillan even billed the agency more than $18,000 for the services he has rendered.

At yesterday’s board meeting, Mr. Macmillan expressed shock when told that the board did not approve the open ended contract which he prepared and signed by Mr. Torres.

Mr. Macmillan explained during the meeting what he had accomplished the past several months, but the board was apparently bent on terminating his services as officials demanded a deadline for the rest of the work he was supposed to perform.

Mr. Camacho became all the more irritated when Mr. Macmillan said the problem in the Fund can be resolved if they will hire a fulltime comptroller to oversee the whole operation, a recommendation which the board chair said was unnecessary since most of the Fund’s assets are managed by international managers.

Mr. Camacho instead recommended the hiring of qualified accountants, which will best suit the needs of the Fund. At this point, the board chair turned to Mr. Torres for failing to follow the recommendation of the policy-making body to hire an accountant as early as October. The delay in the hiring of an accountant has allegedly led to the extension of Mr. Macmillan’s three-month job contract.

“What are you doing? . . . Since October, we told you to hire an accountant. You know what, you just don’t want to work with us. I am fed up with you,” a visibly infuriated Mr. Camacho told Mr. Torres.

“I am also fed up with you. You are not supporting me,” snapped back Mr. Torres, as he denied sitting on the board’s recommendation. He explained that so far the NMIRF has not received any applicantion for the post.

“I am a very patient man but when it gets to the point that things are going to be screwed up, I will not allow that. You (Mr. Torres) just want to control the board and this board is not going to be controlled by you. If you want to work with us, then you better listen. You are not listening. You screw up things here and your accountant. Everything is f_ _ _ _d up. I’m tired of this s_ _ t,” said Mr. Camacho.

The meeting adjourned without any agreement.