Reyes, in his capacity as Senate president, asked the Retirement Fund to provide his office a yearly breakdown of staffing levels that were enrolled in the pension agency’s Defined Benefit, or DB, and Defined Contribution, or DC, plans.
Technically, all new government hires since 2007 should automatically be enrolled in the DC plan which is designed to be self-sufficient and cost-saving compared to the DB plan which has millions of dollars in unfunded liabilities.
Enrollment to the DB plan dates back between 1989 and before 2007 when the DC plan took effect.
The CNMI government’s unpaid contributions to the DB plan totaled over $231 million as of April 2009 only. The amount does not include unfunded liabilities created by legislative benefits that were enacted without adequate sources of funding.
Reyes, R-Saipan, is asking for the yearly breakdown of the staffing levels because he said he wants to get a clearer picture of the pension agency’s current situation.
He also asked the Fund to provide him a detailed report of the travel history made by the board of trustees and the management’s officials.
“Finally, if you would provide me a report detailing the travel history of any travel performed by either the staff of the Retirement Fund or board members of the Fund from fiscal year 2002 to present, I would be very appreciative,” wrote Reyes to the Fund on April 27, 2009.
Two more follow-up letters were sent to the Fund in the same year.
Reyes said he already brought up the matter to Senate President Paul A. Manglona, Ind.-Rota, who pledged to use his subpoena power to secure the documents.
