A bill has been introduced seeking to increase the retirees\u2019 share of the funds coming from casino license payments.<\/p>\n
House Bill 19-21, introduced by Rep. Blas Jonathan T. Attao (Ind-Saipan), notes that because of the settlement fund agreement, retirees lost 25 percent of their pensions.<\/p>\n
\u201cBecause of this and the continued increase in prices for basic commodities many residents found it extremely difficult to make ends meet.\u201d<\/p>\n
H.B. 19-21 seeks to amend Public Law 18-56, which states that funds collected from the gaming license fees shall be used to address the retirement pension reduction.<\/p>\n
Despite the enactment of PL 18-56, only a portion of the license fee was allocated for the payment of the 25 percent reduction in pension, the bill notes.<\/p>\n
The law mandates a yearly $15-million license fee from the exclusive casino license holder.<\/p>\n
The bill noted, however, that this annual license fee collection is short of what is actually needed to address the pension reduction, which is estimated to cost $17 million.<\/p>\n
Despite this fact, only a portion (around $10 million) of the annual license fee is dedicated to address the pension reduction issue.<\/p>\n
H.B. 19-21 intends to amend PL 18-56 \u201cto dedicate the entire license fee collections for the payment of retirees\u2019 pension reduction.\u201d<\/p>\n
Commenting on H.B. 19-21, Attao said one of his considerations in introducing the bill is the fact that \u201cretirees continue to struggle financially.\u201d<\/p>\n
Attao hopes the bill gets passed before Best Sunshine International Ltd., the exclusive casino license holder on Saipan, gives its next round of payment so that the $15 million payment will be given entirely to retirees\u2019 funds.<\/p>\n
Attao said he expects that \u201cnot all will be pleased with the bill,\u201d but it will still aim to make sure that retirees get their benefits in full.<\/p>\n","protected":false},"excerpt":{"rendered":"
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