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Fund: New contracts for Wilshire, Buck underway
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Posted on Jan 27 2012
By Moneth Deposa
Reporter
Reporter
The NMI Retirement Fund is preparing new contracts for its former investment and actuarial consultants after both agreed to return to the pension agency, according to Fund administrator Richard Villagomez.
The board discussed the proposed contract for investment consultant Wilshire Associates in a closed-door session that lasted more than two hours. Board chair Sixto Igisomar later told Saipan Tribune that board members put off any decision on Wilshire’s contract pending some clarifications.
Although the contract is new, there will be no changes to Wilshire’s fees, he added.
For the actuarial consultant position, Villagomez said that Buck Consultants is now drafting a new contract. He gave a two-week timeframe to finalize both contracts.
The two terminated their services to the Fund, along with money managers, after the enactment of the Beneficiaries’ Derivative Act, which allows retirees to sue on behalf of the Fund. That law has since been repealed.
The Fund has put off making any decision about the return of its money managers until after Wilshire is back onboard. “Once Wilshire is back onboard, we will seek their advice where to put the money,” Villagomez said.
At present, the Fund has $105 million in CDARS and $145 million in mutual funds.
