If you read the article in Monday's Tribune carefully (“Inos: Modified HB 17-226 will allow withdrawal of leftovers”) you saw this sentence: “The amount of withdrawals, however, is not up to 50 percent of the contributions but whatever is left after a buyback into Social Security.”
This means that after the government uses your contributions (they need $60 million) to buy you just five years of Social Security, they will let you withdraw what is “left over.”
Social Security reality-the average monthly Social Security payment for a person working and paying into the system from age 21 to 66 is only $1,230. That is for 33 years of service, not five. See http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/13/~/average-monthly-social-security-benefit-for-a-retired-worker.
HB 17-226 is obviously in our best interest. Fifty percent of your total contributions refunded, 50 percent moved into the DC plan.
This week the House and the Senate will meet to determine whether they will override the governor's veto of HB 17-226. Please email or call them now to let you know you support an override!
* Email House Committee members: Felicidad Ogumoro, George Camacho, Terisita Santos (http://www.cnmileg.gov.mp/members.asp?secID=1&legsID=17) Ph: 664-8836
* Email Senate members: Jovita Taimanao, Ralph Torres, Jude Hofschneider (http://www.cnmileg.gov.mp/members.asp?secID=2&legsID=17) Ph: 664-8858
Remember, the current retirees need us out of the system. We represent an unfunded liability of over $1 billion. Perfect example: if Chapter 11 was able to make the government pay the Fund the $300 million judgment, it would be enough to pay each current retiree until they die but would not come close to covering our own retirement.
We can't afford to continue to pay into a system that has no hope of return for us. We are not asking for retirement benefits. We are only asking for the money we put in.
As Matuis, Saipan