{"id":176250,"date":"2014-08-12T04:00:30","date_gmt":"2014-08-11T18:00:30","guid":{"rendered":"http:\/\/www.saipantribune.com\/?p=176250"},"modified":"2014-08-12T04:00:30","modified_gmt":"2014-08-11T18:00:30","slug":"settlement-trustee-issue-25-pct-pension","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/settlement-trustee-issue-25-pct-pension\/","title":{"rendered":"Settlement trustee to issue 25-pct. pension"},"content":{"rendered":"

With the anticipated release of $30 million once a Saipan casino license is approved, the Inos administration confirmed yesterday that settlement fund trustee Civille & Tang will be the one to release retirees\u2019 deferred 25-percent pension, estimated at $16.4 million. The Department of Finance, meanwhile, will handle the payment of interest on defined benefit members\u2019 withdrawn contributions.<\/p>\n

\"Tinian
Tinian and Aguiguan Legislative Delegation chair Sen. Frank Borja (Ind-Tinian), center, addresses delegation members during yesterday’s session where they passed a bill appropriating $2 million for Tinian retirees, their survivors and other island programs. From left, Sen. Frank Cruz (R-Tinian), Sen. Jack Borja (Ind-Tinian), Borja, Rep. Trenton Conner (Ind-Tinian), and delegation clerk Alice Leon Guerrero. (Haidee V. Eugenio)<\/figcaption><\/figure>\n

The CNMI government and Civille & Tang have been discussing for weeks the options to release retirees\u2019 deferred pension in the most efficient manner.<\/p>\n

\u201cThe Settlement Fund [trustee] will handle the disbursement of the 25 percent retroactive payment,\u201d press secretary Angel Demapan told Saipan Tribune yesterday.<\/p>\n

Meanwhile, the Tinian and Aguiguan Legislative Delegation passed yesterday afternoon a bill appropriating $2 million of the $30 million in escrow for Tinian retirees, their survivors and other island programs, also in anticipation of a Saipan casino license grant.<\/p>\n

Of the $16.4 million needed to fund retirees\u2019 25-percent deferred pension payments for fiscal year 2014, some $11.05 million is for Saipan residents or retirees, while $1.35 million is for Rota residents and $1.05 million is for Tinian residents. The remaining $2.95 million is for off-island residents or retirees.<\/p>\n

The Lottery Commission will meet again on Friday at 2pm. <\/p>\n

They are expected to tackle whether or not Best Sunshine International Ltd.\u2019s Hong Kong based parent company, Imperial Pacific International Holdings Ltd., approves of the proposed casino agreement. <\/p>\n

Commission chair Sixto Igisomar said they have yet to hear from Imperial Pacific as of yesterday.<\/p>\n

The over $3 billion casino development agreement will be final once Imperial Pacific approves the proposal. Imperial Pacific\u2019s Best Sunshine will be investing over $3 billion for an integrated casino resort on Saipan with at least 2,000 new guest rooms. The deal will be binding for up to 40 years.<\/p>\n

Finance Secretary Larrisa Larson also asked as early as Friday government employees waiting for interest payments on their withdrawn DB plan contributions to fill out tax Form W-9 and submit it to the Division of Finance and Accounting Payroll Section. This is also in anticipation of the $30 million release in escrow.<\/p>\n

$2M for Tinian<\/strong><\/p>\n

By a vote of 4-0, the Tinian and Aguiguan Legislative Delegation passed with amendments a local bill appropriating $2 million allotted for Tinian retirees, their survivors and other Tinian programs under the Saipan casino law, or Public Law 18-56.<\/p>\n

House Local Bill 18-50, House Draft 1 passed the delegation at 3:59pm.<\/p>\n

\u201cWe want to do our part in appropriating the money early so when the $30 million is released, the money for Tinian retirees and other programs can released at the same time the money for Saipan retirees are released,\u201d the bill\u2019s author, Rep. Trenton Conner (Ind-Tinian), said.<\/p>\n

Conner, during the session, offered changes to the bill, including specifying that $1.202 million of the $2 million will be appropriated for Tinian retirees and their survivors. Another $672,000 is also reserved for \u201cfuture\u201d payments of deferred 25-percent pension. <\/p>\n

The Tinian delegation adopted these changes before voting on the bill, with amendments.<\/p>\n

Conner said the governor has 20 days to act on the local bill, or the bill automatically becomes law. The 20 days period end around the same time the 30-day escrow agreement extension expires.<\/p>\n

Besides Conner, the other Tinian delegation members include chair Sen. Frank Borja (Ind-Tinian), Sen. Frank Cruz (R-Saipan) and Sen. Jack Borja (Ind-Tinian).<\/p>\n

The Rota Legislative Delegation, meanwhile, has yet to hold a session to pass a bill also appropriating $2 million for Rota retirees, from the $30 million still in escrow.<\/p>\n

Under the Saipan casino law, Rota and Tinian legislative delegations needs to appropriate $2 million each from the Saipan casino license fee.<\/p>\n

For Saipan, there is no need for an appropriations bill. The money is released to retirees as soon as they become available.<\/p>\n

More Tinian actions<\/strong><\/p>\n

Besides passing the $2 million appropriations bill, Tinian lawmakers also passed without amendment Conner\u2019s HLB 18-50, which seeks to keep all local cockfighting license fees within Tinian to fund the Tinian Municipal Scholarship Board. The vote was also 4-0.<\/p>\n

The bill, which amends 10 CMC 2416, now goes to the governor for action.<\/p>\n

Tinian lawmakers also adopted Tinian Legislative Delegation Resolution 18-11, reprogramming a portion of $1.413 million in fund balances appropriated for capital improvement projects on Tinian for improvement and paving of Marpo Heights II and Carolinas Heights roads.<\/p>\n

Of the over $1.413 million that is available for further reprogramming, $40,000 will be used for Marpo Heights and Carolinas Heights roads\u2019 architectural and engineering design.<\/p>\n

Some $75,000, meanwhile, is set aside for Tinian Health Center\u2019s maintenance, repairs, expansion and renovation.<\/p>\n

The Commonwealth Development Authority certified on June 24, 2014, that there is over $1.213 million of CIP fund balance under Public Law 12-64 that is available for further reprogramming. This was funded by the $60 million and $140 million bond proceeds plus interest.<\/p>\n

\u2018Set politics aside\u2019<\/strong><\/p>\n

Before adjourning the Tinian delegation session, chairman Sen. Frank Borja (Ind-Tinian) asked the three other delegation members\u2014who are seeking election for the same or different positions on Nov. 4\u2014to set politics aside and work cooperatively.<\/p>\n

\u201cWhatever differences, let\u2019s work together. Let\u2019s not make politics divide us. Let\u2019s continue to cooperate. \u2026Work for the benefit of our people,\u201d chairman Borja said.<\/p>\n

Sen. Jack Borja told the chairman, \u201cWe\u2019ll give you that cooperation, Mr. Chairman.\u201d Conner and Cruz earlier had a minor spat. <\/p>\n","protected":false},"excerpt":{"rendered":"

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