A new clause was inserted into House Legislative Initiative 17-1 so it can be placed on the ballot in the next general elections — 2012 — “or in a special election called by the governor.”
This year is for the U.S. congressional elections.
According to the negotiation teams of the Fitial administration and the Retirement Fund, time is of essence in floating the bond because of the pension agency’s dire situation.
“H.L.I. 17-1 is an important initiative as it seeks to address the dilemma of ensuring the Fund is able to meet its mandated purpose by providing a pension for current Fund members. However, H.L.I. 17-1’s finding must be updated,” wrote Tony Muna, the chairman of the administration’s negotiation team, and Jerry Crisostimo, his counterpart from the Fund, to Rep. Ramon S. Basa, Covenant-Saipan, who chairs the House Committee on Ways and Means.
The Fund wants the initiative to be placed on the ballot in this year’s election.
The pension agency said it will directly benefit from the proposed bond as it will be reinvested to replenish its lost assets over the years.
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