More and more members of the NMI Retirement Fund program are withdrawing their contributions from the pension system for various reasons but majority are doing so to protect their savings and investment.
The Fund has already received 1,493 applications as of 5pm yesterday. This is more than half of the number of active Fund members.
Active members are government employees who are under the program's defined contribution plan.
Acting Fund administrator Lillian Pangelinan told Saipan Tribune yesterday that the number of applications is expected to grow in coming days since the agency has set no deadline for refund applications.
Pangelinan said she has yet to approve any application because of the ongoing review of documents.
The newly signed Public Law 17-82 authorizes members to withdraw their contributions from the Fund.
Pangelinan could not immediately say when the first batch of refunds will be released.
Due to several requests to change some information in members' refund applications, the Fund set a 15-day deadline to make any changes to their information.
“Prompted by refund distribution changes requested by at least a dozen members, the Fund would like to inform active and inactive DB plan members who have submitted or will be submitting their applications for refund of contributions that they have 15 calendar days from the date they submit their applications to withdraw their request for a refund or to make any changes to their refund distribution,” a Fund statement issued yesterday said.
It added that such changes can be accomplished by submitting a request in writing to the agency. Members will be barred from making any changes after the 15-day grace period.
The Fund encourages members to check the status of their applications on the agency's website.