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Fund’s proposed budget: $48.6M
The NMI Settlement Fund’s proposed budget for fiscal year 2016 is $48.6 million, according to Fund trustee Joyce C. H. Tang. This is a 4.11-percent reduction from the fiscal 2015 budget of $50.8 million.
Of the $48,636,413 budgeted for fiscal 2016, $46.54 million is allocated to Fund members’ pension benefits and disability payments. Tang said.
She said $848,413 is budgeted for wages, salaries, and employer expenses; $899,500 for consultant and professional fees; $338,500 for other general and administrative expenses; and $10,000 for other expenses.
The proposed budget for fiscal year 2016 is among the issues that Tang discussed in her report that was filed over the weekend in federal court. It covers the second, third and fourth quarters of fiscal year 2015.
U.S. District Court for the NMI designated judge Frances Tydingco-Gatewood will hear the report tomorrow, Friday.
Tang said the Settlement Fund continues to implement a conservative investment policy because it is not able to take high levels of capital markets risks.
With respect to consultants, the trustee disclosed that the Fund has retained three consultants: Wilshire Investments as its investment consultant; Milliman Inc. as its actuary consultant; and Ernest & Young as its auditor.
Tang said Maggie Ralbolvsky, a principal of Wilshire, is still the principal investment advisor for the Fund.
She said Wilshire’s contract was renewed for fiscal year 2016.
