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NMI Fund not getting payments from agencies
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Posted on Dec 16 2005
The NMI Retirement Fund expressed concerns over a potential lack of money to make the last pension payment this year, saying that no government office has remitted any contribution yet for this month.
Fund administrator Karl T. Reyes said yesterday that not a single government department of agency has paid its employer contribution, which the Fund uses to pay the pension obligation to retirees.
He said that Northern Marianas College and Commonwealth Utilities Corp., the only two agencies which comply with the new employer contribution rate of 36.7 percent, have not sent their payment.
So are the other agencies and departments who only pay the old rate of 24 percent.
“Nobody has paid yet. I’ll go after them. Without this, we won’t be able to pay for the Dec. 30 pension,” said Reyes.
He said the Fund needs $2.2 million to settle its obligations for the retirees on Dec. 30.
He said the Fund gives out $2.2 million for pension every payday.
“We only have nine days to collect so we’re a little concerned now,” said Reyes.
He said that government offices used to remit their payments a little earlier.
