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Last updateSat, 17 Nov 2018 12am







    Sunday, November 18, 2018-1:23:44P.M.






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Disbursement and calculation of Public Law 20-35 bonus

(Settlement Fund) — On Dec. 15, 2017, the NMI government appropriated $3.5 million for the purpose of paying a bonus “to be distributed equally to all Settlement Class members and CNMI Fund members receiving an annuity.” See P.L. 20-35, § 2.

The disbursement of the $3.5 million to the Settlement Class members will be based on the membership as of Nov. 30, 2017, and in accordance with the secretary of Finance’s payment instructions as set forth below:

1. Retirees will receive an equal share with other retirees.

2. Survivors

a. Surviving spouses without qualified child(ren) will receive an equal share.

b. Surviving spouses with qualified children will equally share the bonus payment.

c. If no surviving spouse, surviving qualified children will equally share the bonus payment.

3. Retirees whose benefit payments are subject to a court-ordered divorce decree or judgment (including their non-retiree ex-spouses) will receive bonus payments based on the allocation set forth in their respective decree or judgment.

Based on the foregoing instructions, an equal share is equivalent to $1,257.18.

The bonus payments are not covered payments under the Settlement Agreement. Thus, recipients will be responsible for reporting and paying taxes on the bonus payments.