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Fund to agencies: Monitor pension contributions
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Posted on Mar 29 2008
The NMI Retirement Fund has advised government agencies to keep a proper accounting of pension contributions.
Fund administrator Mark A. Aguon said in a memorandum that retirement applications of government employees are placed at risk because some employers fail to meet accounting standards.
Applications that lack documentation of accountability of employer contribution are considered incomplete and cannot processed upon submission.
“Department and agency heads are urged to comply with their duty to monitor their employees’ prospective retirement applications’ needs for strict accounting of these employer’s contributions,” Aguon said.
He also reminded departments and activity heads of their obligation to remit contributions. Some employers, he said, have not made contributions to fund their employees’ future retirement.
“The Fund cannot breach its duty to all its members, by depleting their respective complete contributions due to the inability or unwillingness of other members’ employers to forward their respective employer’s contributions, along with the applicable interest charges for late contributions,” Aguon said.
