A senator has introduced legislation streamlining the process for releasing the cost of living allowance to government retirees.
Senate Bill 15-79, authored by Sen. Luis Crisostimo, would authorize the NMI Retirement Fund administrator to disburse COLA payment without the consent of the NMI Board of Trustees. The purpose of the bill is to avoid delay in the release of COLA funds.
“The Legislature finds that while the central government has remitted the COLA funding to the NMI Retirement Fund, the retirees are left waiting pending release and approval by the NMI Retirement Fund. In these hard economic times, it is paramount that the immediate disbursement of COLA to the retirees be made promptly to its qualified members as this source of fund is a supplemental resource for the retirees subsistence and purchasing power that is not otherwise available with their present salary,” the bill states.
A relevant incident took place last month, when the release of COLA was delayed because some Fund trustees were not available to meet and approve the issuance of the funds.
Currently, there are 1,494 retirees receiving cost of living allowance.
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