Cabrera, R-Saipan, said he has come up with a substitute to his House Bill 17-226 which he earlier introduced to allow current Fund members to withdraw their retirement contributions.
The House Committee on Health and Welfare gathered over 700 signatures of government employees strongly supporting the speaker’s bill.
Cabrera said the Retirement Fund does not oppose his bill, but is just seeking a “mechanism” to ensure that the government meets its obligations to the pension agency.
Health and Welfare Committee Chairman Sylvestre I. Iguel, Covenant-Saipan, was ready to recommend the passage of H.B. 17-226 when Cabrera came up with his substitute.
His substitute bill, Cabrera said, will provide current Fund members the option to switch from the defined benefit plan to the defined contribution plan.
The speaker is expected to introduce the substitute bill today.
