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Merill Lynch exec to talk about Fund’s future
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Posted on Nov 03 2008
A ranking official of the NMI Retirement Fund’s investment adviser, Merrill Lynch, will be the speaker at this Wednesday’s general membership meeting of the Saipan Chamber of Commerce.
Kenan Knieriem, First Vice President and Account Executive in Charge of Merrill Lynch’s Institutional Advisory Division in Honolulu, will discuss with Chamber members what historic, as well as current, challenges face the Fund, and what is being done or might be done to ensure the continued health of the NMIRF.
Merrill Lynch serves as the NMI Retirement Fund’s consultant and investment advisor.
The NMI Retirement Fund has been historically challenged by the Commonwealth government’s inability to meet its financial obligations. The most recent NMIRF actuarial report called for an employer contribution rate of somewhere around 36-37 percent; the government agreed to remit 11 percent.
Compounding this is the instability that has plagued world financial markets during this past year. The Fund has seen its portfolio value vary by tens of millions of dollars in a single day, or a few days, in the past months.
The Retirement Fund has approximately 9,000 members, the majority of whom live in the community. The long-term viability of the Fund is critical to local businesses and the local economy.
The meeting will be held tomorrow, Nov. 5, at Fiesta Resort’s Azucena Rooms. Registration and lunch will begin at 11:30am, and the meeting will begin at noon. The meeting is $15 for members, $20 for guests of members, and $25 for public.[B][I] (SCC)[/I][/B]
