We just want our contributions back

Dear attorney general or whoever can answer us: Yesterday the board of trustees invited all members of the defined benefit plan to hear our input on the filing for Chapter 11 bankruptcy and some members raised concerns whether this is constitutional-that the board can file for bankruptcy without notifying the members whose livelihood would be gravely affected.

One member is really intimidated with their explanation where the attorney said we don’t have a bankruptcy court. Other members are very disappointed that they can’t withdraw their money. Even without interest or share, they just want their money back. Other members want to know their rights to their contribution. Another wants to know if they can stop the allotment from their paycheck so that they can save their money in the bank. All these and many more.

Sir/madame, or your honor if you’re a judge, isn’t the board of trustees supposed to protect our rights too? Because their answers to the questions sounded unconstitutional to us, especially when the board filed for Chapter 11 without consulting us.

It is sad that the retirees have two months of full pay left and after that they need to wait for the board to ask for an extension. Some members are the sole providers for their family members who have chronic illnesses and can’t work, others have loans or children still in school. In just two months, if they don’t come up with something, how are these people going to live? This decision is grave and not planned well.

As one of the attorney said, he is from the mainland and doesn’t know much about us. He is only here to address the Chapter 11 filing. We too don’t know them and we don’t know how much money they’re planning to take from us for their fees. What are our rights in this? What we want is someone who can calculate and explain to us what is going on with our money and where does each and everyone stand. We don’t want attorneys anymore; we just want to know where each and everyone individually stand.

Please, your honor, what are our rights, since they said we can’t take our money until a committee comes up with a plan to restructure. Listening to the forum, the Fund members seem to be divided into two groups: those who want their money back and those who are retired and are hoping to get paid until the day they die. It is going to be impossible to come to an agreement, especially when there are two groups with different views.

For our side we want our contributions only (what was deducted from our paychecks) and leave the interest for the retirees and let the lawmakers and governor pay the rest of these retirees. We certainly don’t want to be responsible for killing them. We just want to help them by pulling out and leaving the interest for them.

Winnie Atalig
San Jose, Tinian