The measures are:
• Senate Bill 17-34, which allows the Retirement Fund to provide compounding annual retirement bonuses in lieu of COLA;
• House Bill 17-98, which will stop accrued retirement and disability benefits beyond $75,000; and,
• House Bill 17-99, which will provide for an actuary to determine the amount that will be annually appropriated.
H.B. 17-98 and 17-99 are still with the House Ways and Means Committee and were introduced by House Floor Leader George N. Camacho, Ind.-Saipan.
Senate Bill 17-34 has been passed by the Senate is now with the House.
Santos, in an email interview, said she believes these pieces of legislation have either direct or indirect impact on the pension benefits of current and even future retirees.
“I would highly recommend that public hearings for these bills be conducted in all the three senatorial districts. It would provide an opportunity for our retirees and the general public to air their sentiments.”
Furthermore, Santos said it will give the Retirement Fund the chance to show the retirees and the public its financial status and discuss with them how these measures can actually solve the problem.
The bottom-line, she said, is for both the Retirement Fund and the retirees to stay “afloat.”
Santos said the Fund’s situation is “alarming.”
Its officials said the Fund will collapse in seven to eight years if its financial condition does not improve.
The Legislature passed House Legislative Initiative 17-1, which will allow the CNMI government to issue a pension obligation bond for the Retirement Fund; and H.L.I. 16-13, which will disallow an increase in retirement benefits until all government obligations to the retirement fund system have been fully satisfied.
But both were rejected by voters last Nov. 2.
Retirement Fund Administrator Richard Villagomez has yet to respond to this reporter’s inquiries.
He earlier said that the pension agency still has options left. He did not elaborate but said, “it’s not the end of the world for us.”
