If you read the article in Monday\u2019s Tribune carefully (\u201cInos: Modified HB 17-226 will allow withdrawal of leftovers\u201d) you saw this sentence: \u201cThe amount of withdrawals, however, is not up to 50 percent of the contributions but whatever is left after a buyback into Social Security.\u201d<\/p>\n
This means that after the government uses your contributions (they need $60 million) to buy you just five years of Social Security, they will let you withdraw what is \u201cleft over.\u201d<\/p>\n
Social Security reality\u2014the average monthly Social Security payment for a person working and paying into the system from age 21 to 66 is only $1,230. That is for 33 years of service, not five. See http:\/\/ssa-custhelp.ssa.gov\/app\/answers\/detail\/a_id\/13\/~\/average-monthly-social-security-benefit-for-a-retired-worker.<\/p>\n
HB 17-226 is obviously in our best interest. Fifty percent of your total contributions refunded, 50 percent moved into the DC plan.<\/p>\n
This week the House and the Senate will meet to determine whether they will override the governor\u2019s veto of HB 17-226. Please email or call them now to let you know you support an override!<\/p>\n
* Email House Committee members: Felicidad Ogumoro, George Camacho, Terisita Santos (http:\/\/www.cnmileg.gov.mp\/members.asp?secID=1&legsID=17) Ph: 664-8836
\n* Email Senate members: Jovita Taimanao, Ralph Torres, Jude Hofschneider (http:\/\/www.cnmileg.gov.mp\/members.asp?secID=2&legsID=17) Ph: 664-8858<\/p>\n
Remember, the current retirees need us out of the system. We represent an unfunded liability of over $1 billion. Perfect example: if Chapter 11 was able to make the government pay the Fund the $300 million judgment, it would be enough to pay each current retiree until they die but would not come close to covering our own retirement.<\/p>\n
We can\u2019t afford to continue to pay into a system that has no hope of return for us. We are not asking for retirement benefits. We are only asking for the money we put in.<\/p>\n
[B]Mark Staal[\/B]
\n[I]As Matuis, Saipan[\/I]<\/p>\n","protected":false},"excerpt":{"rendered":"
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