Fund paid $72.3M in benefits to members last fiscal year

The NMI Retirement Fund expended $72.3 million in total benefits to members last fiscal year—a 6-percent increase over the amount released in fiscal year 2009.

Based on the Fund’s audit report released Friday, the agency issued $68.1 million in total benefit payments in fiscal year 2009, an increase of $4.1 million compared to fiscal year 2010’s $72.3 million.

A big bulk of the benefit payments was paid to retirees, amounting to $59.4 million last fiscal year. This is a slight decrease from 2009’s $55.7 million. Saipan Tribune learned that there were 2,841 retirees last fiscal year.

The next highest benefit payment was for survivors’ benefits, which totaled $6.3 million—an increase over the $5.7 million paid out to retirees’ survivors in fiscal year 2009. The audit showered that there were 1,439 beneficiaries last fiscal year.

The Fund’s total refunds last fiscal year amounted to $4.8 million. This amount was issued to members who opted to withdraw their contributions from the Fund.

Disability benefits totaled $1.7 million during the same period, while death benefits totaled $86,828.

For the ten-year period covering fiscal years 2001 through 2010, the Fund paid out a total of $560.7 million in benefits payments.

In fiscal year 2010, benefit payments amounted to $72.3 million, a bit higher than the $68.1 million issued in 2009. In fiscal year 2008, benefits paid to members and retirees totaled $67.6 million; in 2007, $63.8 million; in 2006, $60.2 million; in 2005, $51.7 million; in 2004, $48.4 million; in 2003, $45.8 million; in 2002, $43 million; and 2001, $39.7 million.

Members increasing

The number of retirees under the pension program has doubled in the last 10 years, from just 1,461 in fiscal year 2001 to 2,841 in fiscal year 2010.

The audit report indicated that fiscal year 2010’s number is a significant increase over fiscal year 2009’s 2,152 retirees. This means that between the two fiscal years, about 700 new retirees were added to the list.

In 2008, the Fund had 2,190 retirees; 2007, 2,112 retirees; 2006, 2,007 retirees; 2005, 1,809 retirees; 2004, 1,705 retirees; 2003, 1,598 retirees; 2002, 1,552 retirees; and 2001, 1,461 retirees.

The number of beneficiaries also saw a significant jump in the last 10 years, from 528 members in 2001 to 1,439 in fiscal year 2010. The number of plan members with disabilities also increased, from 57 in 2001 to 154 in 2010.