AT least 73 people were added to the list of actual beneficiaries of the Retirement Fund during the past nine months and more are expected to be included before the fiscal year is over.
As of this month, former government employees receiving retirement benefits total 1,517, up by 56 compared to FY 2001’s record of 1,461.
Majority of retirees are based in the CNMI but a good number are overseas, mostly in the U.S., Guam and the Philippines.
The number of people receiving disability benefits also grew by 10 percent during the same period.
The number of surviving spouses receiving benefits from the Fund also went up by 4 percent, but the surviving child rate dropped.
Service retirement benefits form the bulk of payments that the Fund mails out every year. By the end of this fiscal year, the Fund projects to release over $32 million.
Next year, projected payment for service retirement benefit will reach over $33 million which is approximately 71 percent of the Fund’s total budget for benefit payments.
Payments to surviving spouses will reach $3,143,653 this fiscal year. This is also seen to slightly increase next year.
Some government employees who had completed their 10-year membership with the Fund opted to retire to collect cash from the agency.
Under Public Law 11-9, a government employee with at least a decade of membership contribution to the Retirement Fund is eligible to collect payments for retirement benefits.
Established about 22 years ago, the Fund provides retirement, disability, death and other benefits for CNMI government employees, their spouses and dependents.
