Senate Vice President Donald M. Manglona presides over a Senate Fiscal Affairs Committee meeting.
THE Senate Committee in Fiscal Affairs will hold an emergency meeting at 1:30 p.m., today, April 9, 2024, to act on House Bill 23-104, which aims to fund the 25% benefit of government retirees.
The bill would appropriate $5.2 million, and its funding source is the dividend collected by the Commonwealth Economic Development Authority from the Commonwealth Utilities Corp.
CEDA’s predecessor, the Commonwealth Development Authority, became part-owner of CUC after CUC’s $45 million debt was converted into shares for which CEDA receives a $1 million dividend per year.
Authored by Rep. Blas Jonathan Attao, H.B. 23-104 would also require the central government to repay CEDA for the $5.2 million.
Last week, Gov. Arnold I. Palacios said the retirees’ 25% would be suspended on April 15, 2024, if the Senate failed to act on the bill.
Senate President Edith Deleon Guerrero, for her part, said the Senate does not want the retirees’ pension to be diminished, hence their ongoing efforts to ensure legal and financial due diligence.
The retirees’ 25% benefit, which amounts to $14 million or $15 million a year, is not required by the settlement agreement approved by the federal court.
