Palacios, R-Saipan, told Retirement Fund Board Chairman Juan T. Guerrero, that Yumul and Torres will work with the pension agency on the measure that will be introduced in the House.
Yumul, R-Saipan, is the chairman of the House Ways and Means Committee while Torres, R-Saipan, chairs Health, Education and Welfare.
The Retirement Fund is asking the Legislature to come up with measures that will protect its remaining assets and compel the cash-strapped government to fulfill its financial obligation to the local pension system.
The Fund is owed more than $500 million in unfunded liabilities and more than $100 million in unpaid contributions.
Guerrero told Gov. Benigno R. Fitial and the officers of the Legislature his office wants to work with them to “plug the holes to decelerate the bleeding of Fund assets.”
The Fund has withdrawn millions of dollars to cover the shortfall in its regular monthly pensions amid the cash-strapped government’s failure to timely remit its contributions to the system.
Authorities project the Fund’s assets may be wiped out in about three years if more withdrawals are made from its stock portfolio amid the global economic crisis.
