In an interview yesterday, Tenorio, Covenant-Saipan, said the original intention of allowing casino gambling on Saipan was to help the financially troubled pension system.
The Retirement Fund successfully sued the central government for its failure to remit employer contributions, which amounted to over $230 million in April 2009, according to a court ruling.
The current woes of the Retirement Fund, Tenorio, said are one of the major reasons he is pushing for legalizing casino on Saipan.
His bill, H.B. 17-55, will take care of the retirees’ pensions, he added.
He wants the entire gross receipt tax collected from the casino remitted to the Retirement Fund until all its unfunded liabilities are paid.
“Once we start doing that, we don’t have to appropriate from the general fund every year to pay the Retirement Fund,” Tenorio said.
His bill remains pending in the House of Representatives.
