The NMI Retirement Fund has taken out another $1.5 million from its assets to pay off pension and refunds, bringing the total withdrawals to $16.8 million since June this year.<\/p>\n
Fund administrator Mark A. Aguon said the Fund board authorized Wednesday to use $1.45 million to settle pension obligations and refund claims this week.<\/p>\n
The pension alone amounts to $1.2 million.<\/p>\n
The Fund pays out retirees\u2019 pension every 15th and 30th of the month.<\/p>\n
As of early November, the Fund cited a total disbursement of $14.6 million.<\/p>\n
On Nov. 30, the Fund\u2019s withdrawals totaled $789,000.<\/p>\n
Aguon said the amount of withdrawals vary depending on the money being remitted by other government agencies and payments made by the employees. <\/p>\n
All autonomous government agencies continue to remit their employer\u2019s contribution to the Fund at 36 percent.<\/p>\n
The central government stopped paying its employer contribution since April, citing inadequate resources.<\/p>\n
As a result, the Fund board authorized last June to tap $14.4 million of its investment money to pay off pension and refunds for the remainder of fiscal year 2006.<\/p>\n
This came after the central government enacted a law suspending its employer contribution to the Fund for 18 months ending in September 2007.<\/p>\n
As of April this year, the central government\u2019s outstanding debt with the Fund in employer contribution totaled $85 million. <\/p>\n
For fiscal year 2007, the Retirement Fund board approved to set aside over $35 to $50 million for the retirees.<\/p>\n
For fiscal year 2005 alone, the pension payment reached $60 million, the Fund said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The NMI Retirement Fund has taken out another $1.5 million from its assets to pay off pension and refunds, bringing the total withdrawals to $16.8 million since June this year.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-107017","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/107017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=107017"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/107017\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=107017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=107017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=107017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}