THE administration of Gov. Ralph DLG Torres will remit 25% of the retiree pension in the first quarter of fiscal year 2023, which starts on Oct. 1, 2022.
Under the settlement agreement approved by the District Court for the NMI, the retirees are entitled to 75% of their pension benefits.
In a media release Sunday, the administration said it has renewed its pledge and promise to the retirees to commit public taxpayer funds to cover their 25% benefit on top of the 75% mandated pension.
Secretary of Finance David DLG Atalig said $3.27 million, or $545,000 bi-weekly, will be remitted to the NMI Settlement Fund to cover the period Oct. 1 to Dec. 31, 2022.
Atalig said, “The record will unequivocally show that Governor Torres has promised to prioritize our NMI retirees time and again each fiscal year, since he became governor to date.”
He added, “Although the 25% is not mandated under the settlement agreement, the Governor has delivered through his actions in remitting this portion amounting to $14-$15 million annually to ensure that each living retiree and/or surviving dependents receive 100% of their well-deserved retirement pension.”
The governor, for his part, said, “I cannot imagine not taking care of all our retirees and their surviving dependents and not honoring them for their lifetime sacrifices, serving our people, and our beloved island community for many decades. I am not only duty-bound, but it is the most sensible and ethical obligation that we as leaders ought to commit and deliver. Anything less is unacceptable, to be honest.”
In Dec. 2021, designated Federal Judge Frances Tydingco-Gatewood said she was pleased with the status of the Settlement Fund, saying that the CNMI government’s timely payments to the Fund “attest to its commitment to the retirees, despite the many financial hardships the government has had to face because of typhoons, the pandemic and the casino’s closure.”
