Fund officials are scheduled to present their “5 Point Plan” to the members of the Legislature today at 1 p.m.
The six members of the negotiation team are: Fund board of trustees second vice chairman Pedro Q. Dela Cruz; Adelina C. Roberto, trustee; Jerry P. Crisostimo, vice chairman; Mark A. Aguon, administrator; Richard S. Villagomez, deputy administrator; and Viola Alepuyo, board counsel.
“We have been working with the CNMI government negotiation team and making great strides in identifying legislative amendments and addressing the Fund’s financial needs. These plans have been laid out in a Recommendation to Ensure the Fiscal Solvency and Viability of the CNMI Retirement System (a.k.a. 5 Point Plan) which we look forward to presenting to the Legislature on April 22, 2010 at 1 p.m.,” Igisomar told Gov. Benigno R.
Fitial, Senate President Paul A. Manglona and Speaker Froilan C. Tenorio in a letter.
The negotiation began as early as August last year but the process was stalled as officials became preoccupied with the general elections.
The administration’s panel was then headed by Commonwealth Utilities Corp. Executive Director Tony Muna who is a U.S. certified public accountant and then acting Finance Secretary Robert Schrack.
The Fund won by default its lawsuit against the CNMI government. The Superior Court awarded the pension agency $231 million in unpaid contributions as of April 2009.
Analysts said the Fund would be broke in less than six years if the constant withdrawal from its investment portfolio continues.
The Fund withdraws up to $50 million a year to pay the pension checks of retirees on a timely basis.
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