Majority of active members who decided to withdraw their contributions from the government’s pension program have received the initial disbursement approved by the federal court, based on the records of the NMI Retirement Fund.
Acting Fund administrator Lillian M. Pangelinan confirmed with Saipan Tribune yesterday that $9.06 million of the $10 million approved by the court for refunds has already been disbursed as of yesterday.
The Fund started distributing refund checks on Aug. 12. Amounts provided to members represent only 23 percent of their entire contributions.
The remainder of the members’ contributions will be issued out after the global settlement that’s currently pending in court, depending on the final court order.
The Fund recorded about 1,600 refund applications received as of Aug. 12.
Yesterday, Pangelinan said that almost all applicants have been issued their checks.
“A total of 1,505 P.L. 17-82 applicants have received $9.06 million of the $10 million pursuant to the settlement agreement,” she said.
Of these 1,505 members, a big bulk are Saipan members totaling 1,191. On Tinian, 131 members got their refunds; on Rota, 183 members got theirs.
All those who received the pro-rata share from the $10 million disbursement are members who elected to terminate their membership in the program and who had filed the necessary waivers with the agency. The filing of waivers continues as disbursement will last until all members get their money.
Saipan Tribune was told that members have the option to have their money be deposited on their account or through check disbursements.
The Fund earlier clarified that any interest earned by members on their employee contributions is not the responsibility of the pension agency but by the government, which will pay for the amount.
As of June 30, 2013, the value of the Fund’s portfolio was at $172.2 million, based on unaudited figures.