It is not my list — and I have not edited it. It has been circulating in various e-mail circles for several weeks and I have copied it here in hopes that putting it in the paper will inspire someone to do more than just talk about the situation.
The Fund has two streams of loss, as I see it – the on-going current loss as it uses more and more of its assets in order to keep up the payment to retirees, and the accumulated debt that stems from past non-payments to the Fund.
If implemented sooner rather than later, some of the items on the list could at least “cure” the current on-going loss, while the negotiating teams work out how to meet the accumulated debt.
But with no action taken on any front, as both the administration and the legislature drag their heels and engage in endless debate, the Retirement Fund only falls into more and more debt, making the situation ever worse.
I would challenge the administration and the legislature to come up, by month’s end, not with a plan but with actual legislation that will at the very least cover the Retirement Fund’s monthly payments to retirees and the associated monthly costs and expenses and at least stop the continuing on-going drain on the Retirement Fund’s assets.
Doing so might even help get some people re-elected.
To stem the bleeding of Retirement Fund debts, do one or more of the following:
1. Reduce the size of the Legislature
2. Stop the $300,000 allocation to the Governor’s Office
3. Stop the $150,000 allowances to certain legislators
4. Stop wastes in Government
5. privatize the hospital
6. privatize CUC
7. stop the $20 million allocation to the Saipan Delegation and earmark this to the FUND
8. redirect the Tobacco Fund of $5 million that goes to PSS to the FUND (see discussion above from Joe Kaipat)
9. Government to stop renting and leasing from private sector; move into government owned buildings; and redirect rents to the FUND
10. Stop Housing Allowances for outside hires
11. Redirect all land leases from hotels and golf courses to the FUND
12. Rent/ lease or liquidate idle government assets such as the old MIHA housing units in Garapan, the former Washington resident Rep’s building in DC; Capitol Hill houses; etc.
13. Earmark all Cover Over Taxes due the CNMI to the FUND
14. Unfilled vacant government position or FTE funded shall have its funds allotted be directed to the FUND
15. Unexpended agencies’ allotments directed to the FUND at year end
16. Decrease or eliminate tax rebates for the time being
17. Interests earnings on MPLT that are going into the general fund should be directed to the FUND
18. Surpluses from autonomous agencies be directed to the FUND
19. The 1% budget assessments on agencies going to OPA be directed to the FUND should there be excesses of OPA budget need
20. Privatize CPA
21. Assign all agencies’ assets to the FUND: CUC receivables; CDA receivables; CPA receivables; CHC receivables; Court receivables; DPL receivables; etc..
22. Assign all agencies’ investment assets to the FUND
23. Stop the Qualifying Certificate Tax breaks
24. Cut the various Dept. of _________Affairs (fill in the blanks)
25. Mayor’s Office (fill in the Blank)
26. CDA Preferred Stock in CUC- this is $45.5 million of which will yield 2% in perpetuity or over $900K annually starting in 2011.
27. the two vehicles in Washington DC
28. All NEW Businesses applying for Qualifying Certificates will from here on direct all taxes otherwise due to the government to the FUND……
29. Identify All areas that have not been TAXED that could be TAXED
30. Since the Garment industry is dead and cannot now impose the $1.00 per garment the Judge wants why not look at what exports this could be directed at and do same…..
31. Sell the Fund’s Home Loan Program — I believe there is an RFP out soliciting for potential buyers. This is work on the side of the FUND and nothing to do with Government.
32. Dig and Monitor Credit Union — This too can be sold off to either MPLT or to CDA. If not sold then have it serviced by others so that the FUND’s resources are not exhausted monitoring the credit union.
33. The Judicial Complex Loan with the FUND can also be sold to another party preferably not to a government entity but to private sector lending institutions.
34. Open a Bank……possible but in my (oscar’s) opinion it should remain a private bank. Another similar idea is to simply buy out existing non FDIC Banks since there are two already established, merge the two and require that the new bank be FDIC- absent FDIC insurance and we can forget it.
35. Establishing a new regional airline — there is potential here and this merits mentioning
36. UMDA Everybody knows the United Micronesia Development Association, Inc…..The Commonwealth of the Northern Mariana Islands is the rightful owner of 50,000 shares that may be valued at $30.00 per share or more depending on the financial condition of the company. This translates to $1.5 million and this is in addition to the 1000 shares in the Pacific Islands Development Bank not mentioned in the list.
37. Assign all mining rights on the Pozzalan on Pagan; what about all rights to leases if and when the islands up north are to be used by the military?
38. Reduce the Life and Health insurance premiums the Government has to pay Insurance Carriers (Aetna and Moylans’ Netlife) by tweaking the benefits and what needs coverage and the amounts or the limits on coverage.
39. Get RID of unnecessary CELLULAR PHONES.
40. Stop Driving Government CARS HOME.
41. CONVERT THE FIRE DEPARTMENT TO A VOLUNTARY SYSTEM
42. Indigenous Affairs, Women’s Affairs, and Carolinian Affairs should be under one roof
42. STOP LEASE OF CHEAP GOVERNMENT LAND TO the PRIVY ONLY TO BE SUBLEASED TO A GOVERNMENT AGENCY FOR 10 TIMES the AMOUNT.
43. ORDER ALL AGENCIES TO RELOCATE TO ABANDONED GOVERNMENT OWNED BUILDINGS in LOWER BASE
RUTH TIGHE
Tanapag, Saipan
