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$26,000 for Calif. travel of 4 Fund trustees, one staffer
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Posted on Apr 20 2009
The NMI Retirement Fund will be adding $26,000 to its Fiscal Year 2009 travel budget to cover the expenses of four board trustees and one staffer who will attend a workshop in California in June.
From $69,600, the revised FY 2009 travel budget will go up to $95,600.
David S. Demapan, comptroller of the NMI Retirement Fund, said yesterday the board of trustees approved the travel budget revision during its April 13 meeting. He said the Fund expects to spend $26,000 for the business trip.
“I’m in the process of revising the budget to reflect the change, after the board approved it,” Demapan told Saipan Tribune.
Demapan said if the board did not revise the business trip, the travel budget would have been $4,346 after deducting $26,000 from the previous level of $30,346 by June. Demapan said if there’s only $4,346 budget by end June, this will not be enough to cover the remaining months of FY 2009.
The four board trustees and one employee will be attending the International Foundation of Employee Benefit Plans’ Trustees Institute in San Francisco, California from June 14 to 17.
IFEBP’s Trustees and Administrators Institutes, offered twice a year, are developed by active trustees, administrators and professional advisors to help those in attendance gain the education and updated information they need for their specific role.
The board of trustees also approved the revision of the actuarial fees budget from $52,000 to $77,505.
Demapan said the increase of $25,505 relates to two invoices, including a March 25 invoice of $13,855 for consulting work performed by Buck Consultants on the emergency plan, calculations on overdue contributions, and analysis of the omnibus bill intended to protect the Retirement Fund.
The other invoice dated Feb. 11 is for $11,650 consulting service provided by Buck Consultants. “The fund balance shows an overrun of $12,649,” said Demapan.
