THE Retirement Fund has indefinitely put on hold plans to establish branch offices on Tinian and Rota as part of its austerity measures, according to Fund Board Chairman Vicente Camacho.
The Fund originally planned a budget of $2.109 million for the construction of its office buildings on Rota and Tinian.
The project was envisioned to help the agency save rental costs. The Fund is paying rent for its offices on the two islands which are each manned by two staff, according to Fund legal counsel Kathleen Troy-Rucker.
“We did intend to build small offices on Tinian and Rota because it’s less expensive than renting space,” Troy-Rucker said, adding that the plan was shelved due to the economic downturn.
The Fund did not include the construction of the buildings in its proposed budget for fiscal year 2003. Camacho said the postponement of the project is due to the prevailing economic crisis.
“The unexpected economic downturn and resultant revenue loss delayed the implementation of the buildings construction. The plans for a building on these two islands are indefinitely on hold, therefore, until further notice,” Camacho said.
