House Bill 15-137, HD2, now PUBLIC LAW 15-15, suspends the government obligations (employer contributions) owed to the Northern Mariana Islands Retirement Fund.
We would like to point out to all of you that the Fund’s board of trustees are equally responsible.
Remember who appointed the chairman of the board Juan (Pan) Guerrero? His best friend Gov. Benigno Fitial.
All of you should be asking the questions as to who authorized Merril Lynch to gamble the retirees and current contributors’ investments, losing over $180 million in the stock market. Does this mean anything to any of you?
How much is Merril Lynch being paid for services rendered regardless of whether they had lost millions of your investments? Who contracted Merril Lynch? Who is responsible?
In our view and opinion, the following are equally responsible:
The Retirement Fund board of TRUSTEES, the executive branch and the 15th Legislature.
Now, ask yourself this serious critical question: Did any of you retirees, retired but not receiving pensions, and future retirees receive any form of notification letter informing you that your contributions (investments) were being taken to the stock market by Merril Lynch as authorized by the board of trustees?
Remember that the board of trustees only sent out notices that the Retirement Fund portfolio was in critical financial condition due to the executive branch not remitting its contributions, but they failed to tell you the truth that they had also lost your money in the stock market without prior notification or authorization.
The global stock market downfall was a perfect scapegoat to wash their hands off.
GREGORIO CRUZ JR.
Taotao Tano
