While it may already be too late to protect Fund recipients, doing nothing is certified to result in disaster, and Heinz, at least, is trying to do something.
Just who are those Fund recipients? Sure, we all know about the young retirees with a zillion hours of overtime from some form of law enforcement agency, those who pulled big bucks from “on call” hours, those few left who got credit for TTPI service when neither they nor that government put a dime into the Fund then, and some who adopted their own grandchildren/nephews/nieces so the Fund, not the kids’ parents, pay for their support. Hell, the vesting credit for a college education let people like myself retire after only 16 years of creditable (paid-in) service.
But what about those who only get the minimum $500 a month, those who are now too old and frail to ever work again, those survivors of retirees struggling to support themselves or a family, or my biggest personal concern, those who are disabled?
When the CNMI government opted out of U.S. Social Security in 1987, the NMI Retirement Fund assumed many of the same social welfare responsibilities for government employees. There are some very vulnerable people who count on those retirement checks to keep themselves going, people who don’t qualify for Social Security retirement, survivors’, or disability benefits. Not only is their ability to survive at risk with the pending death of the Fund, that is also true for everyone else who relies on them.
Even more interesting, the NMI Retirement Fund, whose operations are funded from retirement investments, also manages the government’s health and life insurance programs.
Yes, I am a retiree, and I should be exhausting my own personal contributions to the Fund in the next couple of months. After that, I truly benefit, but not for long. I don’t consider myself unemployable yet. Out of necessity, I will find a job before the Fund dies (though it’s not easy at 55 in this economy), but what about those for whom that is not a realistic option? Will they have to rely on the charity of their families or the community?
There’s always so much talk about respect for the elderly and service to the family from elected leaders. Let’s see some official action to back it up. Otherwise, employed residents will face new and much larger family responsibilities.
PHILIP SWETT
Newport, OregonPS. Please, don’t anyone say there’s no money available while the tax rebate system still benefits the rich.
