Fund gets $947,000 from Finance

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Posted on Feb 18 2006

The Department of Finance has remitted $947,000 to the NMI Retirement Fund this week, said Fund administrator Karl T. Reyes.

He said the money came in Wednesday afternoon, giving the Fund about an hour to deposit it in the bank.

The Fund normally deposits money two days ahead of the actual pay period for retirees who get their pension through wire transfer.

The Fitial administration has promised to pay the Fund some $900,000 per pay period representing the government’s employer contributions. This is an increase over the previous administration’s average remittance of $835,000 per 15 days.

Fund officials, led by Fund board members, met with Gov. Benigno R. Fitial last week to get his commitment to remit the government’s contribution on time.

The administration has so far met three pay periods since its assumption to power last month.

The central government’s outstanding debt with the Fund in employer contribution totals over $85 million.

The Fund said that it has to pay $2.3 million for pension per pay period for some 2,000 retirees.

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