We are questioning the motives of the board.
The offer of the executive branch is reasonable compared to anyone else’s — which is basically no solution other than a catastrophic disaster.
If you do not agree with the offer on the table, what do you propose Mr. Juan T. Guerrero? Is their any difference between obtaining a judgment to pay in increments vs. the offer of staggered payments?
Below are some questions and concerns that we have.
First question: Which part of a complete meltdown of all government agencies including public services does your board of trustees lack understanding?
Common sense Mr. Guerrero. What you are asking is that all government revenues be diverted to the Retirement Fund, correct? If so, all the government agencies will shut down and the Fund will be the only existing government entity standing and operating, correct?
Where do you plan to get payments for the unpaid contributions if this should take place since the government will be shut down and no revenue is being generated? Is the board of trustees ready to accept full responsibility for the safety, health and general well-being of the public — the voters?
Second question: Who are your finance and investment committees, fund management, fund consultants, and money managers?
We ask this serious question since the trustees are dependent on such committees to ensure that they track investments to maximize returns and minimize the funds’ RISK INVESTMENT EXPOSURE.
Third question: Where was the “TRANSPARENCY” and notification to all retirees or future retirees before any of their investments were invested outside the CNMI?
The trustees have a FIDUCIARY DUTY and responsibility to ensure that all contributors to the Retirement Fund are notified of where their investments are being spent on.
Remember, Mr. Guerrero, it was you the chairman of the board that stated in black and white to the executive branch and Legislature on Aug. 14, 2008 that the board of trustees and its finance committees, fund management, fund consultants and money managers including appropriate staff would do what was necessary to ensure that investments were SOUND, PRUDENT, and TRANSPARENT with all the necessary SAFEGUARDS to protect these investments.
If your board of trustees can ensure the safety, health and general well-being of the people of the commonwealth in black and white, have this promise certified, notarized and recorded with the clerk of courts and by all means continue with your lawsuit.
If your board of trustees and its money managers can provide a copy of all notifications sent out to all retirees and future retirees informing them of where their investments went, then by all means continue with your lawsuit.
If the board of trustees can explain in all fairness and truthfulness (TRANSPARENCY) that it’s OK to lose $50 million or so in the stock market without holding any of you RESPONSIBLE, ACCOUNTABLE and LIABLE, then continue with your lawsuit.
If not, then we strongly suggest and recommend that you find ways to ensure that all of you work together — the Retirement Fund, the executive branch and the Legislature — to find a sound solution.
Please STOP the politicking. This is a serious and critical matter detrimental to everyone’s general well-being. Remember that all of you are equally responsible for the Retirement Fund’s crisis.
Lastly, isn’t there a conflict of interest when your legal counsel is closely connected to your chosen candidate for lt. governor? Are you signing off on any of your legal counsel’s legal opinions, service contracts, payments, reimbursements and so forth?
If so I believe it’s illegal Mr. Guerrero.
GREGORIO CRUZ JR.
Taotao Tano
