{"id":20697,"date":"2012-05-31T07:50:04","date_gmt":"2012-05-31T07:50:04","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=20697"},"modified":"2012-05-31T07:50:04","modified_gmt":"2012-05-31T07:50:04","slug":"fund-seeks-reduction-of-benefit-payments-by-25-percent","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/fund-seeks-reduction-of-benefit-payments-by-25-percent\/","title":{"rendered":"Fund seeks reduction of benefit payments by 25 percent"},"content":{"rendered":"
By Ferdie de la Torre
\nReporter<\/div>\n

The NMI Retirement Fund has sought the court’s authority to continue its payments to beneficiaries but with a cut in benefit payments by 25 percent.<\/p>\n

The Fund, through counsel Braddock J. Huesman, asked the U.S. District Court for the NMI’s Bankruptcy Division for the continued payments to beneficiaries for eight pay periods, for a total of four months-June 30, July 15, July 31, Aug. 15, Aug. 31, Sept. 15, Sept. 30, and Oct. 15.<\/p>\n

Beneficiaries who currently get more than $6,000 per year shall receive the greater of $6,000 (on an annualized basis) or 75 percent of their current benefit, said Huesman in the Fund’s proposal filed in court on Tuesday.<\/p>\n

Beneficiaries who currently receive $6,000 or less per year shall continue to receive their full benefit payment, without cuts, he said.<\/p>\n

\u201cThe interim proposal, in aggregate, will reduce each semi-monthly benefit payout by approximately $645,000 (from approximately $3,075,000 to approximately $2,430,000),\u201d the lawyer said citing a declaration by Fund administrator Richard Villagomez.<\/p>\n

Huesman said that based on the most current actuarial data available, this reduction alone will prolong the life of the Fund by about a year.<\/p>\n

Huesman said the Fund believes that the period requested-four months of court-approved payments-is appropriate because it provides beneficiaries with the ability to plan for the potential need for a further reduction after at least two, and up to four, months of payments.<\/p>\n

The period requested, he said, will allow the Fund to request a further reduction in benefits for the last two months of the four-month period.<\/p>\n

This requested period, Huesman added, will allow the Creditors’ Committee, which has only recently formed, to provide greater input on any follow-on proposal necessary to provide a bridge until a plan or reorganization can be formulated and proposed for confirmation.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Ferdie de la Torre Reporter The NMI Retirement Fund has sought the court’s authority…<\/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-20697","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\/20697","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=20697"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/20697\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=20697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=20697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=20697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}