Saipan Tribune

Sunday, May 19, 2013

Tuesday, September 25, 2012

Razzano: All options will be considered to protect Fund

All options will be considered before any decision is made on a particular way to protect the NMI Retirement Fund.

This was the response of Fund trustee ad litem Joseph C. Razzano when asked Friday whether he is entertaining the possibility of reducing pension benefits.

Razzano said they haven't looked at any particular way to protect the Fund and that they are going to look at all options. After that, they will do what's best for the retirees and for the employees, he said, adding that he has a fiduciary obligation to protect the Fund.

Also, Razzano said they have not taken a position yet on the recently signed Public Law 17-82. “We are researching the issue in trying to determine exactly the constitutional issues. And after we determine that, our lawyers will advise us what they think is the best thing to do.”

Public Law 17-82 allows government employees to withdraw their Fund contributions.

In an interview last week, Commonwealth Ports Authority counsel Robert T. Torres said the trustee ad litem has to address and consider CPA's concerns.

“And he has to as a trustee, just like any other trustee for the Fund. And if he doesn't we will register that before Judge Frances Tydingco-Gatewood and Judge Kenneth L. Govendo,” Torres said.

Torres said they expect Razzano to advance and protect CPA's interests “just like any other trustee would because so far the Fund has not.”

Torres said CPA is a fully contributing employer to the Fund's pension system and would like to know what and how the class action filed by Betty Johnson in federal court is going to impact CPA and its employees.

Torres emphasized that CPA is part of the Fund and that they want to make sure that the agency's interests and its employees are protected and that there is a resolution.

“Because if not and there is a financial impact, it will affect the community and the traveling public. Costs are going to be passed into the tickets of the traveling public,” just like the Commonwealth Utilities Corp.'s rate.

“We don't want to do that and we want to make sure that that does not happen,” Torres added.