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Suggestions for Retirement Fund
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Posted on Jan 04 2012
Allowing members to withdraw contributions started this fiasco. Another mistake was this Class I and Class II classification. If the Retirement Fund did not allow withdrawals and instead allowed us to loan against it, it would have still have a longer lifespan.
As for me I would rather calculate how to give back everyone their money and start anew. And for those retirees, I would loan them some money until the Fund recovers and at the same time let them pay back if they owe the Fund or just simply roll them over.
This I will do, should we start anew.
1. Absolutely no withdrawals.
2. Loaning against it should be allowed with very low interest.
3. An annual report should be mailed out to all members.
4. Years of contribution should be no less than 15 years and anything above it should be put for other uses such as medical and dental care benefits or any other important necessities for living.
5, Another incentive for members is to come up with a plan to choose, like Class I or Class II. For example, having dependent benefit for others who are not covered by the minimum plan. Also, allowing families to probate contributions for whoever is named on the will, should he/she pass away and not able to get his or her benefits.
Maybe someone out there has a better idea, but seriously the members of our Legislature need our help now and if we don’t contribute to solve this problem then we are heading toward our doom. Talking about their failures is all we do but I challenge you all to come up with positive suggestions or ideas and let’s see if they’ll still fail us.
[B]Winnie Atalig,[/B] [I]San Jose, Tinian[/I]
