I share their frustrations. We cannot escape this reality whether we like it or not; however, we can confront it. The remaining life span of the Fund could be extended if members will share sacrifices, the cause of which are not our fault.
Please add or delete from the list below what in my opinion will bring us closer together to find a common ground. The important thing is that we get involved, participate in the discussions and let our voices be heard as we all try to be part of the solution:
• Conduct all board meetings publicly, openly and invite all Fund members as much as possible. No more executive sessions. It is valuable more than ever that members are informed of any plans or decisions.
• Ask all Fund members and/or beneficiaries how would they like to prolong the life of the Fund. Get as much consensus as possible. Say, for example, 10 years. Consensus must be obtained from all members both active and the retirees. Then, ask the Fund consultants to calculate a fair and reasonable cut in benefits to extend the life of the Fund.
The objective of this approach is sharing sacrifices to prolong the life of the Fund. It’ll also minimize confusion and guilt.
• An amicable resolution of this crisis could be attained when all concerned are involved. The rest will be a smooth but challenging process.
• When the financial storm subsides and government revenue improves, gradually restore the original benefits depending on available resources.
I would rather sacrifice now to prolong the life of the Fund and face the reality than point fingers which will not help resolve this crisis.
I remember when I was very young and my neighbor was moving his house. All members of the community helped him move. The more of us who will share the load, the less pain for everyone.
In the face of this adversity there is an opportunity for the community to work together and survive this extreme and unimaginable ordeal that affects our livelihood.
People tend to accept reality especially during a time of pain and suffering.
An injection hurts for many but we need to embrace the cure. An incision is a risky medical procedure but if it is the only way to remove the tumor, then so be it.
Let’s surround ourselves with faith, hope and courage to face this predicament. Folks, this is not happening only in the CNMI. It’s a global financial phenomenon.
God bless the Retirement Fund and the CNMI.
NOEL M. SORIA
Former Comptroller
Retirement Fund
Virginia Beach, Virginia
