The Superior Court accepted the parties’ stipulation and issued an order on Friday, she added.
“This is in furtherance of the [Fund] board of trustees’ goal of addressing all deficient employer contributions,” she said.
According to the stipulation, beginning Dec. 1, 2010, Tinian will make a $15,000 monthly payment to the Fund toward satisfying the judgment in addition to any amount due for employee and employer contributions as they are due.
Tinian’s last payment of $14,942.24 will be made on January 1, 2021.
In his order, Associate Judge David A. Wiseman, said in the event of changed and/or worsening economic condition, Tinian may petition the court to lower payments to the Fund.
Tinian, in the event of improved economic condition, may increase payments to the Fund and provide the court notice of the increased payments, Wiseman said.
At the signing of the stipulation, Tinian will remit $55,000 to the Fund.
The stipulation required Tinian to continue to make additional payments to the Fund to be credited towards the deficient employee contribution upon receipt of additional resources before Dec. 2, 2010.
All payments received prior to Dec. 1 will be credited to the deficient employee contribution, the court said.
“Tinian employees who qualify to retire will be allowed to retire after the parties memorialize their agreement by signing this stipulation for judgment,” the court order stated.
In the event the deficient employee contribution remains unpaid after Dec. 1, 2010, all payments received from Tinian will first be applied to the deficient employee contributions, the payment schedule will be modified and the court will be notified no later than 30 days.
As of April 21, 2010, Tinian government owed the Fund $85,881 in employee contribution, $1,371,040 in employer’s contribution, and $458,902.29 in penalties.
Wiseman ordered that both parties will provide the court with status reports on collection on the judgment, by filing a notice of update every 90 days after judgment has been entered.
Both the Fund and Tinian agreed that they will each bear their own attorneys fees and costs.
They further agreed that the Fund will not seek and will waive all post-judgment interest that could have been awarded by the court.
The order stated that both parties likewise agreed that the Fund will not petition the court to recover loss of income opportunities from its investments.
