Retirement Fund legislative task force to be dissolved

Yumul, R-Saipan, said incoming Committee Chairman Ramon S. Basa of the Covenant Party will likely chair the  task force if the  leadership of the 17th House of Representatives, which will be sworn in on Jan. 11, 2010, decides to reconvene it.

Yumul and other members of the House and the Senate formed the panel after the Superior Court ruled that the cash-strapped CNMI government owed the Retirement Fund over $231 million as of April, 2009.

The court said the government should also pay the Fund an additional annual 16 percent employer rate.

The task force was intended to work with the administration in settling the government’s arrears to the Fund without sacrificing basic public services.

Yumul expressed hope that the incoming chairman of Ways and Means will look into the problems of the Fund.

“The issues are the same. We have to go after the agencies that have fallen short in their payments to the Fund,” he said.

 

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