In their joint announcement, Senate President Paul A. Manglona and Speaker Froilan C. Tenorio said Fund officials will appear in the Senate chamber on Wednesday at 1 p.m. for its presentation which was originally scheduled last week but was postponed due to scheduling issues.
Fund officials are expected to discuss with lawmakers and the public a report entitled “Recommendation to Ensure the Fiscal Solvency and Viability of the CNMI Retirement System,” also known as the 5 Point Plan.
Retirees are anxious to know how Fund officials plan to deal with the pension agency’s financial problems to sustain their annuities in the coming years.
There are currently two pension plans offered by the CNMI government — the Defined Benefit or DB and Defined Contribution or DC plans.
The court has required the CNMI government to contribute at least 16 percent of its personnel expenses to the retirement benefits of its workers vested in the DB plan.
