Commonwealth Retirement Association chairman Lorenzo LG Cabrera designated board member, Oscar C. Camacho to be part of the committee while Retirement Fund Chairman and Commerce Secretary Sixto K. Igisomar was included by Sen. Jovita M. Taimanao, Ind.-Rota and chair of the special committee.
The other senators who are involved in creating the panel are Senate President Paul A. Manglona, Ind.-Rota; Senate Vice President Jude U. Hofschneider, R-Tinian; Sen. Juan M. Ayuyu, Ind.-Rota; Sen. Ralph DLG Torres; and Sen. Henry H. San Nicolas, Covenant-Tinian.
The panel will explore any means possible to better address the issues facing the retirees in light of the looming end of the retirement system.
Cabrera congratulated Taimanao for the “monumental responsibility of saving a retirement program.”
He also commended Manglona for his concern and foresight in creating the special committee “so that action necessary to curb what maybe a chaotic situation may be avoided.”
After careful consideration, Cabrera said he decided to designate Camacho as the CRA representative to the panel.
Camacho, he noted, has served the government in various responsible positions and is well versed with the situation confronting the retirement program.
For his part, Igisomar thanked Taimanao for including him in the committee.
He applauded Taimanao, Manglona and all the other members “for taking the lead to tackle the CNMI’s pension program’s problems.”
The CNMI government owes the Fund over $300 million.
