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‘Rota retirees want details about govt’s two proposals’
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Posted on Jun 05 2006
Citing persistent requests by retirees, the NMI Retirement Fund will hold a public meeting on Rota tonight to discuss the Fitial administration’s proposed $125-million liability writeoff and a $40-million loan from the Fund.
“All retirees and active members are asked and encouraged to attend this meeting,” said the Fund in a published notice yesterday.
The notice, signed by Fund administrator Karl T. Reyes, said the agenda would focus on the proposed writeoff of $125.1 million “the government owes the NMI Retirement and its members as employers’ share of contributions.”
The second agenda is the administration move “to force the NMI Retirement Fund to lend $40 million of your money to the Commonwealth Utilities Corp.”
In an interview yesterday, Reyes said that the meeting on Rota, which will be held at 6pm at the Roundhouse in Songsong, came following requests from island retirees.
“The retirees have been calling us, wanting to know more about the proposals of the government regarding their money,” said Reyes.
It was not certain if administration officials will be present in the meeting.
About two weeks ago, key officials from the Governor’s Office, led by budget and management special assistant Tony Muna, attended the meeting set by NMI Fund’s Finance and Investment Committee at Garapan Central Park.
The same committee will hold the meeting today on Rota.
Its chairman is headed by Oscar C. Camacho, a member of the Fund board of trustees.
The administration is pushing for the passage of the Defined Benefit Rescue and Reform Act of 2006, which aims to write off some $125 million in unfunded liability, which was created due to the government’s nonpayment of employer’s contribution and failure to release needed funding for retirement benefits.
A separate bill is pending in the House of Representatives, which mandates the Fund to loan CUC up to $40 million for engine repairs.
