GOVERNOR Ralph DLG Torres has assured the District Court for the NMI and the Settlement Fund that his administration will work with the Legislature to ensure that retirees are properly provided for in the Fiscal Year 2023 budget bill.
Torres, Secretary of Finance David DLG Atalig, and Settlement Fund Trustee Joyce C. H. Tang appeared before the federal court for a status hearing on Thursday.
In her report to the court, Tang said: “In a year of exceptional challenges and disruption, the CNMI continues to recover, and the Government continues to timely pay its bi-weekly Settlement Fund payments.”
She said the government’s bi-weekly payments allow the Settlement Fund to grow its investment portfolio and extend its investment horizon.
Tang thanked Torres and his administration, as well as the CNMI Legislature, for their commitment to the retirees and funding the Settlement Fund.
Designated Federal Judge Frances M. Tydingco-Gatewood commended the commitment and work of Gov. Torres, the CNMI government, the trustee and her staff, the class counsel, and others in successfully funding and maintaining the Settlement Fund, especially in the last few years given the typhoons that have struck the CNMI and the Covid-19 pandemic.
Finance Secretary Atalig assured the court and trustee that the CNMI government will continue to make its payments to ensure that retirees are paid in full.
For his part, the governor said, “The retirees have been priority number one since the beginning of my administration. My administration has never wavered from this commitment, even through the dark days of Super Typhoon Yutu and the Covid-19 pandemic. Because of this commitment, my administration has fulfilled its obligations to the Settlement Fund, ensured that every retiree is paid 100% of its pension, and has made sure that retirees have been paid bonuses.”
He added, “I am grateful and honored that the court and trustee have recognized my administration’s commitment to our retirees. As I have said before, the retirees committed themselves to work for the CNMI. We have a duty to honor their commitment by paying all of the pension benefits due them, especially as so many of the retirees depend on these pension benefits for their basic needs. My administration will continue to honor and protect our retirees.”
Ralph DLG Torres
