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Retirement Fund reality: Pay in or get out
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Posted on Sep 19 2005
I am writing in reply to the article on Sept. 10 that dealt with the upcoming increase in payments to the Retirement Fund, the fact that PSS wants to be exempted from it, and the reaction of some to that request.
The reason PSS does not feel it should be required to pay the increased amount is simple. PSS is one of the few government agencies that actually pays into the fund on time and in full. I have been informed by ranking officials on the Retirement Board that only PSS and NMC pay the required amount in the required timeframe into the Fund. The great majority of other governmental departments pay very late, pay way was less than they should, or do not pay anything at all.
The main reason the Fund has had problems (and major problems may be on the horizon) is that these agencies do not pay their contributions and still have people retiring out of their departments who collect money which they have not paid in. This happened in Guam, and what finally happened was that workers in departments that did not pay in could not draw a retirement from the Fund. That is just common sense. Why should anyone draw money out of a fund if they put little or none in?
If I were a worker in a government agency other than PSS or NMC, I would sure find out if my agency was contributing to the Retirement Fund. There is a very good chance the courts will decide (as they should) that only those agencies who paid in have employees that qualify for retirement. It would be a very important public service for this esteemed newspaper to acquire a printout of the contributions of each government agency and post it in this paper, and I am making that request now. At least more people would know where they stand with this issue.
Thomas D. Wilkins
Saipan
