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CNMI meets 2nd quarter pension obligations
The CNMI government has fulfilled its second quarter obligation to the Settlement Fund for FY ’16, meeting its $10.5 million obligation for the second quarter of the fiscal year, the Office of Governor said in a statement yesterday.
The Settlement Fund received $750,000 on March 29, yesterday, and as a result the government met its $10.5 million obligation for the second quarter.
In January, the Department of Finance remitted $1 million to the Settlement Fund, $875,000 on Feb. 3, an additional $875,000 on Feb. 4, three separate installments of $1 million by February 29th and four payments of $1 million in early March with the fifth payment just on March 29.
Department of Finance Secretary Larrisa Larson said the government has once again met its obligation to the settlement fund and reiterated that the administration will continue to make the required payments.
“Maintaining the pensions of our retirees at 100 percent is a definite priority and we will continue to make payments to the Settlement Fund,” she said in the statement.
The Settlement Fund annual payment agreement amounts to $30 million to be paid by Nov. 30 of this year.
So far, a total of $15 million has been remitted to the Fund.
