Let your voice be heard

Dear active employees of the defined benefit retirement plan: Before the big news, here are some old facts and some new ones:

* The Fund has 2-3 years left.
* Judge Govendo issued a court order mandating that the Fund reserve $113 million for our refunds.
* Buck Consultants, a private auditing firm, recommended that the Fund let us take our money. Why? To strengthen the Fund for the current retirees (reduce future liability)
* However, given these facts, why is it virtually impossible for us to take our money out (quit for 6-9 months)?
* Now there is the threat of “receivership” by June 15 if the government doesn’t present a satisfactory plan to save the Fund
* “Receivership” is part of a bankruptcy process, whereby assets are divided “equitably.”
* Two attorneys told me that it is possible that we would only receive a “small settlement” in a receivership process.

Now for the big news: Last week the conference committee responsible for reviewing Eli Cabrera’s bill (H.B. 17-226) passed a resolution to allow us to take 50 percent of our money out and transfer the remaining 50 percent to the defined contribution plan, without having to quit our jobs. However, now it needs to pass the House, the Senate, then the Governor.

Why this is important: This appears to be our last chance to get our refunds. You need to let your senator or congressman know how important this is to you. You need to let them know that you are among thousands of active employees who will keep track of how they vote on this revised bill. Please remember that you are their political future.

You can call the House clerk at 664-8856 to find out how to contact your representatives.

You can go to their http://www.cnmileg.gov.mp/, click on HOUSE or SENATE, then MEMBERS. Just click their names to send an email.

You can go to the Legislature in person and ask to talk to them.

Here is a sample letter/conversation:

Dear representative/senator,

Please support the current committee revision of Eli Cabrera’s bill (H.B. 17-226) allowing us to withdraw our money without having to quit our jobs for six months. Many of us have been paying into the Fund for years, and have no other source of future retirement income (including Social Security), should the Fund collapse as is currently predicted. Making six months the rule is discriminatory and unfair. It penalizes those who cannot afford to go without income that long; it also jeopardizes programs that rely on seasoned employees. The bill is a win-win for current retirees and active employees. The retirees will be able to contain their money without having to pay us out in the future, and we will be able to reinvest our money for a retirement we have earned.

Thank you for your time and consideration.