Previous Story
Fund to meet with retirees tonight
|
Posted on May 24 2006
The NMI Retirement Fund will hold a public meeting tonight to discuss proposals to write off the government’s $125-illion debt to the Fund and to force the Fund to lend $40 million to the Commonwealth Utilities Corp.
The Fund’s Finance and Investment Committee, which called the meeting, urged all retirees and active members to attend.
The meeting will be held at the Garapan Central Park beginning 6pm Thursday, May 25, 2006.
The discussion will concentrate on a bill titled “the Defined Benefit Plan Rescue and Reform Act of 2006.”
The measure, submitted to the Legislature by the Fitial administration, seeks to forgive the $125 million in employer share contributions that the government owes the Retirement Fund and its members.
The bill would also require the Fund to float a $40 million revenue bond for the cash-strapped Commonwealth Utilities Corp.
In addition, the proposed legislation seeks to implement an “employer contribution holiday” for the remainder of fiscal year 2006. During this period, the governor may suspend payments to the Retirement Fund.
Fund officials strongly oppose the bill, saying the proposals would lead to serious legal problems and the possible bankruptcy of the Retirement Fund.
