The repeal of the provisions would allow retirees at age 60 to receive 100 percent of their Social Security benefits and nullify increased premium.
Yap lawmakers at the same time request Congress to appropriate money if necessary from the national general account to supplement collected revenues to allow full payments of benefit obligation as they become due and payable to the beneficiaries.
The resolution proposes subjecting the system’s administrative costs to annual congressional budget appropriations in the same manner as other legal entities created by the FSM laws.
The lawmakers said the system should retain all of its revenue collections for beneficiary payments.
According to the resolution, the law “has effectively placed on the citizens and residents of the FSM, and business establishments and employers in the FSM the extra burden to pay additional revenues to keep the pension plan solvent.”
This is an added hardship on potential beneficiaries who are now prevented by the law from realizing full benefits until reaching the age 65, the resolution stated.
The FSM Congress, it added, should appropriate the needed funds for the program for the “benefit and welfare of the citizens and residents of the FSM and minimize the impact of financial and other related hardship on the people.”
The FSM Congress should also refrain from appropriating funds for projects in the states which they may not be adequately prepared to implement within a reasonable time, the resolution stated.
The resolution was offered by Sens. Jesse Raglmar-Subolmar, Clement Mulalap and John E. Mooteb.
It was transmitted to the speaker of the FSM Congress, the FSM president, the FSM Social Security administrator and all state governors.
