Defined benefit members can expect the disbursement of their remaining employee contributions—totaling over $40 million—to begin this week.
The NMI Retirement Fund announced Friday that, barring unforeseen circumstances, it plans to upload direct deposit payments this Wednesday afternoon.
Applicants can expect their employee contribution withdrawals to be credited to their bank accounts within 24 to 48 hours after upload.
By Thursday or Friday, their bank accounts would have the remainder of their refunded contributions pursuant to Public Laws 17-82 and 18-2.
This is much earlier than the expected release in the first week of November.
The Retirement Fund also plans to distribute checks to all applicants on Thursday and Friday on Saipan, Tinian, and Rota from 8am to 5pm.
Applicants can pick up their checks from the NMI Retirement Fund building on Capital Hill on Saipan, while those on Rota and Tinian could pick up their checks from the offices of their respective mayors.
The disbursements come after the Fund completed the calculations for fiscal years 2012 and 2013 employee contributions.
“Once the Fund receives official notification that the Legislature’s resolution is ‘legislative action’ that conforms with the requirements of the settlement agreement, all disbursements for employee contribution will be processed,” the Fund said.
The House adopted on Thursday a House joint resolution that the Senate substituted, acknowledging and approving the settlement agreement in Johnson vs. Inos as required for the final disbursement of employee contributions under Sections 12.0 and 34.0 of the settlement deal.
During the settlement deal’s preliminary approval, some $10 million was disbursed.
The remainder, or $42 million, of DB contributions from the Fund will be released after final approval of the settlement agreement and then after legislative approval.
While the disbursements begin this week, so is the 25-percent cut in retirees’ pension when they receive their checks on Oct. 15.
At least 12 of 16 individuals who opted out of the Fund settlement class are also not expected to get any pension check in the mail this week.
Bills seeking to appropriate money to pay for the pension of retirees who opted out are still with House committees.
“The Senate is waiting and is on standby to act on appropriation legislation to pay for the opt-outs pension,” said Senate floor leader Ray Yumul (Ind-Saipan), one of those who opted out of the settlement deal.