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Fund promised $900K per pay period
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Posted on Feb 13 2006
The Fitial administration has promised to pay the NMI Retirement Fund $900,000 per pay period, representing the government’s employer contributions, said Fund administrator Karl T. Reyes.
In an interview yesterday, Reyes said that the governor wants to raise the government’s payment per pay period to $900,000 or $1.8 million a month.
The previous administration had been paying at an average of $835,000 per pay period.
During the term of former Gov. Pedro P. Tenorio, the payment arrangement with the Fund called for some $500,000 per pay period.
Fund officials, led by Fund board members, met with Gov. Benigno R. Fitial Friday afternoon at the Governor’s Office to discuss the payment scheme.
“He [Fitial] wants to pay $900,000 [per pay period],” said Reyes.
He said the new administration had paid $900,000 for its first pay period covering Jan. 20 to Feb. 3. Its payment this week will cover its second pay period obligation.
“We’re expecting a payment this week for this Friday’s pay period,” Reyes said.
The central government’s outstanding debt with the Fund in employer contributions totals over $85 million.
The Fund said that it pays out $2.3 million for pensions every pay period.
The Fund has some 2,000 retirees who receive pension payment every 15 days from the Fund.
