If the Retirement Fund did not allow withdrawals and instead allowed us to loan against our contributions, it would have had a longer life span.
As for me, I would rather calculate how to give back everyone their money and start anew. And for the retirees, I would loan some money to pay for their pension until the Fund recovers and, at the same time, let them pay back if they owe the Fund or just simply roll them over.
These I will do, should we start anew:
1) Absolutely no withdrawals.
2) Loaning against contributions should be allowed with very low interest.
3) An annual report should be mailed to all members.
4) Years of contribution should be no less than 15, and anything above it should be for others, such as medical and dental care benefits, or for any other important necessities for living.
5) Another incentive for members is to allow them to choose which plan to join. Like, for example, providing dependant benefits to those who are not covered by the current minimum plan. Or allowing families to receive probate contributions of whoever was named in the will, should he/she pass away and was not able to get his or her benefits.
Maybe someone out there has a better idea. Seriously, the members of our Legislature need our help now, and if we don’t help solve this problem then we are doomed.
All we do is to complain how our legislators have failed us. I challenge all of you to also offer positive suggestion or ideas and let see fan if they’ll still fail us.
Merry Christmas and wishing you all a Happy New Year!
Winnie Atalig
San Jose, Tinian
