The NMIRF board decided to file for bankruptcy without consulting retirees. Now the Fund is stuck with about a half a million dollars in legal fees. Their reckless decision to file for bankruptcy without consulting members is very irresponsible. This is just going to make the Fund even more broke.
The bankruptcy attorney fees should be paid for by the NMIRF board themselves instead of by the Fund since the stakeholders were not consulted.
It’s time for the NMI government to pay its employer share instead of overpaying political hires. Change the NMIRF board and put in real professionals who know how to manage the Fund’s finances. We are running out of time to save the Fund. Don’t follow the "Let it be" mentality. Do something now!