Fund Comptroller Dave Demapan reported to the board on Tuesday that the pension agency’s investment portfolio jumped from $284 million in March to $299 million last month.
But he said drawdowns continue because premiums from the central government and its autonomous agencies are still not enough to cover the more than $5 million pension checks released every month to close to 3,000 retirees and their families.
For April alone, the Fund withdrew $4.2 million from its investment portfolio.
The board allowed the Fund to make withdrawals of up to $45 million each year to cover pension funds.
The move, however, is further shrinking the Fund’s assets.
The central government’s unpaid contributions thus far amount to more than $200 million.
On top of that, the government owes about $575 million in unfunded retirement benefits.
The Fund won its lawsuit against the central government by default.
The Superior Court is expected to rule next month regarding the payment terms.
