None of the Fund officials would like to comment while Inos was “too busy” to take questions from this reporter.
Sen. Juan M. Ayuyu, Ind.-Rota, told Variety after the meeting that the Retirement Fund may only have up to 2018 or 2019 if its financial condition does not improve.
The Retirement Fund aims to be self-sustaining by 2020, but the cash-strapped central government has not been remitting its contributions on time for many years now.
Ayuyu said the administration was asking lawmakers to introduce legislation that can somehow extend the life of the Retirement Fund.
“We’re still working on measures that the Retirement Fund supports. Some are in the Senate and some are still in the House,” Ayuyu said. He did not disclose what these bills are.
Sen. Ralph DLG. Torres, R-Saipan, said they were urged to help “infuse” funds to the Retirement Fund.
“If things stay the same, it [Fund] will be drawn out by no later than 2018,” he added.
Torres, who also attended the meeting with the Fund officials and Inos, said the administration and the Senate are now trying to find out how much the Retirement Fund can earn or save based on the pending measures pertaining to the pension agency.
Torres said the Legislature may again pass a pension obligation bond proposal that will be placed on the ballot.
Early this month, CNMI voters rejected such a proposal.
