{"id":20412,"date":"2012-05-28T01:50:46","date_gmt":"2012-05-28T01:50:46","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=20412"},"modified":"2012-05-28T01:50:46","modified_gmt":"2012-05-28T01:50:46","slug":"creditors-committee-agrees-to-continued-payment-of-benefits","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/creditors-committee-agrees-to-continued-payment-of-benefits\/","title":{"rendered":"Creditors committee agrees to continued payment of benefits"},"content":{"rendered":"<div>By Ferdie de la Torre<br \/>\nReporter<\/div>\n<p>The Official Committee of Unsecured Creditors has agreed with the NMI Retirement Fund&#8217;s court request to be allowed to keep providing benefits to its beneficiaries while its Chapter 11 bankruptcy case remains pending.<\/p>\n<p>The committee, through counsel Don Jeffrey Gelber, said that payments to beneficiaries should start on the June 30, 2012, payment and continue for eight semi-monthly pay periods (a period of four months).<\/p>\n<p>Gelber said a beneficiary currently receiving $250 or less per semi-monthly period ($6,000 or less on an annual basis) will continue to receive the same payment.<\/p>\n<p>A beneficiary currently receiving more than $250 per semi-pay period (more than $6,000 on an annual basis) will receive, for each semi-monthly period, the greater of (1) 75 percent of the payment that would have been made had the Chapter 11 case not been commenced, or (2) $250, Gelber said.<\/p>\n<p>He said the Fund should continue to pay life and health insurance premiums at the current unreduced rate.<\/p>\n<p>The Fund&#8217;s request to be allowed to continue paying out benefits to beneficiaries had proposed a rate of payments that is between 42 percent and 100 percent of current benefits.<\/p>\n<p>Assistant U.S. Trustee Curtis Ching said they will not object to the Fund&#8217;s motion provided that there will be limitations. Ching said the authorization should be limited to two months without prejudice to the Fund seeking approval for continued payments.<\/p>\n<p>Ching said the authorization should be at a rate that would allow the Fund to sustain itself.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Ferdie de la Torre Reporter The Official Committee of Unsecured Creditors has agreed with&#8230;<\/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-20412","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\/20412","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=20412"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/20412\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=20412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=20412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=20412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}