To be chaired by Sen. Jovita M. Taimanao, Ind.-Rota, the special panel will explore any means possible to better address the issues facing the retirees in light of the looming end of the retirement system.
The senators met with the officials of the Commonwealth Retirement Association yesterday and invited them to join the committee.
Attending the meeting were Taimanao, Senate President Paul A. Manglona, Ind.-Rota, Senate Vice President Jude U. Hofschneider, R-Tinian, Sen. Juan M. Ayuyu, Ind.-Rota, Sen. Henry H. San Nicolas, Covenant-Tinian, CRA president Larry LG Cabrera, former Lt. Gov. Leader Diego T. Benavente, former Rep. Manuel A. Tenorio and former Northern Marianas College President Agnes M. McPhetres.
Cabrera said he will have to appoint one from among their board members to be a member of the Senate’s special committee.
Manglona said the special committee will focus on retirement issues and problems, and make recommendations on how to resolve them. He also urged the House of Representatives to create its own committee.
In his open letter to lawmakers, Manglona said “together, our two special committees can work together and make recommendations to the members within 120 days.”
He added, “I am sure everyone has ideas on how to rehabilitate the Retirement Fund but we need to sit down and discuss all of our ideas as a group.”
The retirees during yesterday’s meeting aired their concerns and frustrations.
Ayuyu told them, “This is what happens when we play politics here. I assure you we will strike the balance in addressing this issue.”
Manglona urged all lawmakers to “unite and work together to find solutions to prevent the retirement program from collapsing and losing our people’s retirement savings. We must set aside all political differences and work collectively to address the retirement problems.”
To help the Retirement Fund, Manglona said he introduced Senate Legislative Initiative 17-13 to authorize the Retirement Fund to receive the proceeds of existing public land leases for hotels, golf courses, and other large public land leases until the government’s employer contribution is paid in full.
He also introduced Senate Legislative Initiative 17-14 to “divert” Marianas Public Land Trust interest proceeds to the Fund until such time that the government’s debt to the Fund is paid in full.
He also introduced Senate Bill 17-96 to transfer the title of many vacant government properties with buildings on Capitol Hill, Navy Hill, Garapan, Rota and Tinian to the Fund. The bill intends to transfer such properties to the Fund to offset some of the government’s employer contribution debt.
