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Fund forms Pension Holding Corporation
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Posted on Apr 12 2012
The NMI Retirement Fund formed and opened this week a company called Pension Holding Corp., one of the actions it is taking in connection with the latest Superior Court order.
Saipan Tribune learned that Pension Holding Corp. got its certificate of incorporation from the Department of Commerce on Wednesday, April 11.
Fund administrator Richard Villagomez is listed as the corporation’s president while the pension agency’s legal counsel, Christopher Timmons, is its vice president. Serving as the corporation’s secretary is legal counsel Carolyn Kern while Ellsbeth Alepuyo is listed as the local agent.
The corporation’s board of directors is composed of Adelina Roberto and Marian Tudela, both incumbent members of the Fund board of trustees.
The newly-established entity’s official address is the NMI Retirement Fund building on Capital Hill.
Villagomez said yesterday that the Fund formed the corporation earlier this week “in response to Judge [Kenneth] Govendo’s latest order. It is one of the things we are doing in response to that order.”
Villagomez refused to elaborate when pressed about the objective of the new corporation.
Govendo issued an order on March 19 that listed 14 recommendations to solve the pension plan’s crisis. These include forming a task force that will come up with a concrete solution within 120 days; floating a bond and reducing pensions by 10 percent to pay the bond; using 100 percent of the tax rebate to pay into the Fund; and eliminating gross receipts tax, implementing a sales tax, and remitting 100 percent of the sales tax to the Fund.
Other recommendations are implementing a value-added tax and having a maximum threshold for pension benefits. Another recommendation is to appoint a receiver for the Fund.
