- Published on Friday, August 17, 2012 00:14
- Written by By Alexie Villegas Zotomayor - Reporter
- Hits: 1694
AS the Retirement Fund now exits the bankruptcy proceeding with the issuance of a written order by U.S. Bankruptcy Judge Robert J. Faris, the Commonwealth Ports Authority is looking into how best it could help the pension fund.
Torres said CPA has been monitoring the situation “with great concern.”
He said, “With the dismissal and failing the March 13-14 summits before Judge Govendo, we shall return and re-double our efforts.”
Now that the Fund’s chapter 11 has been dismissed, the court also dismissed without prejudice all adversary proceedings and remanded all removed proceedings.
Focus reverts to the Superior Court Associate Judge Kenneth L. Govendo’s court where there’s a pending order for employer’s contribution to the Fund’s defined benefit plan at 30 percent rate rather the 60.8686 percent actuarial rate implemented last Oct. 1, 2011.
“If compelled to contribute the 61 percent actuarial rate to cover the judgment against the central government, CPA will be forced to engage in rate adjustments which will impact the traveling public and airlines. This is not fair,” he said.
Variety earlier reported Torres’ opinion on the contribution rate.
He said back in April, “For CPA it will continue to pay and remit the Employer share and the Employees’ contributions. The main concern for CPA is the actuarial rate, which it believes is both excessive and unsupported.”
For the CPA counsel, the liability remains that of the central government for the $231 million judgment in 2009 inclusive of PSS and other central government agencies.
Court records showed that the CNMI government now owes over $325 million.
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