Retirement Fund Administrator Mark Aguon said the DCP currently has 1,700 members, and only over 500 of them are transferees from the DBP.
The House of Representatives has expressed concern that the administration is hiring more people despite the government’s declining revenues and the governor’s proposal to reduce the work-hours of employees.
During their recent session, some House members noted the impact of the new hires on the government’s dwindling resources.
They also noted the governor’s many certifications for new hires.
The administration has said that these were mainly “replacements” for “essential” positions.
Under the Defined Contribution Retirement Plan Act of 2006 that took effect in 2007, all new hires automatically become vested in DCP instead of to the old pension plan.
