The NMI Retirement Fund\u2019s financial records are \u201caccurate and fairly presented,\u201d a report from the Office of the Public Auditor said.<\/p>\n
The OPA report also said the NMIRF \u201creceived a clean opinion on its financial statements for fiscal year 2013.\u201d<\/p>\n
The report, however, said that the NMIRF \u201cdid not comply with certain laws, regulations, contracts, and grant agreements which may affect its financial records.\u201d<\/p>\n
\u201cThis is the third consecutive year that NMIRF has received a clean opinion on its financial statements, but did not comply with certain applicable requirements,\u201d the OPA said.<\/p>\n
The OPA explained that audit findings generally occur when an auditor discovers weaknesses in internal control, or noncompliance with requirements of laws, regulations, contracts, and grant agreements.<\/p>\n
For fiscal year, the auditor cited NMIRF for one finding, which is a decrease from four findings in fiscal year 2012.<\/p>\n
\u201cThese findings resulted from weaknesses in the procedures that allow management or employees to prevent, or detect and correct, noncompliance with a requirement of a federal program or misstatement of financial records on a timely basis,\u201d the report said.<\/p>\n
Financial highlights <\/strong><\/p>\n According to the OPA report, NMIRF net assets held in trust for pension benefits as of Sept. 30, 2013 and 2012 were $132,299,337 and $242,483,716, respectively, a decrease of $110,184,379 or 45 percent from fiscal year 2012.<\/p>\n The report said the decline in net assets is due to draw down from investment to fund benefit and refund payments.<\/p>\n Total additions, as reflected in the Statements of Changes in Plan Net Assets Available for Benefits, were $21,710,414 and $60,945,899 for the years ended Sept. 30, 2013 and 2012, respectively.<\/p>\n Total additions decreased by $39,235,485 or 64 percent compared to 2012, due primarily to the $15,307,839 decrease in net investment income and $23,333,891 decrease in contributions.<\/p>\n Value of investments at market value declined from $218,069,145 in 2012 to $128,308,882 in 2013, primarily due to withdrawal from the investment portfolio to fund the benefit payments and refund of member contributions.<\/p>\n Total deductions, as reflected in the Statements of Changes in Plan Net Assets Available for Benefits, were $131,894,794 and $106,901,446 for the years ended Sept. 30, 2013 and 2012, respectively.<\/p>\n The 23-percent increase to $24,993,344 in 2013 compared to 2012 is primarily due to the $50,411,923 increase in refund offset by $22,575,380 decrease in provision for uncollectible contributions.<\/p>\n As of Sept. 30, 2013, 2012, and 2011, the Fund\u2019s net assets available for pension benefits were $132,299,337, $242,483,716 and $288,439,263, respectively, the report further said.<\/p>\n Cash and cash equivalents increased by $21,339,024. This is from the draw down from investment to payoff refund for members who elected to withdraw their contribution from the Fund.<\/p>\n Receivables from employers and related unearned revenues increased by $1,670,663 or a 23 percent increase. The CNMI government and autonomous agencies continue to contribute less than the actuarially determined rate. Investments decreased by $89,765,263 due to the drawdowns authorized for the payment of refunds and benefits.<\/p>\n","protected":false},"excerpt":{"rendered":" The NMI Retirement Fund\u2019s financial records are \u201caccurate and fairly presented,\u201d a report from the…<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[900],"tags":[5443,136,2141,134],"class_list":["post-204353","post","type-post","status-publish","format-standard","hentry","category-featured","tag-nmirf","tag-opa","tag-public-auditor","tag-retirement-fund"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/204353","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\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=204353"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/204353\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=204353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=204353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=204353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}