Senate Bill 17-43 was passed by both houses of the Legislature earlier this month and the governor has 20 days to act on it.
Fund officials said they were assured that the governor would veto it, but a few days after the measure was transmitted to the administration, some senators met with then-acting Gov. Eloy S. Inos to urge him to sign it.
The next day, Retirement Fund Administrator Richard Villagomez and some of the trustees met with Inos to reiterate their opposition to the bill.
In his letter to Gov. Benigno R. Fitial, the Fund administrator said if the measure is enacted into law, “it will make it very difficult for the Fund to find any party that would be willing to enter into a contract because the party would be responsible, not only for satisfying the board of trustees, but all the 20,000 potential intended beneficiaries of the Fund in all aspects of performance of its contract.”
In other words, he added, the high risk of potential litigation would discourage anyone from dealing with the Fund.
Press Secretary Angel A. Demapan, in an interview yesterday, said the administration is listening to the argument of those who oppose and those who favor the bill’s enactment.
Both the governor and the lt. governor do not want to make a quick decision because they want to consider inputs from the public, especially the retirees themselves, Demapan said.
“We want to examine their respective arguments and the provisions of the bill. At the end of the day what is most beneficial will be the action that we will take,” he added.
