{"id":279833,"date":"2018-07-12T06:00:54","date_gmt":"2018-07-11T20:00:54","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=279833"},"modified":"2018-07-12T06:00:54","modified_gmt":"2018-07-11T20:00:54","slug":"reyes-retirement-fund-in-good-standing-when-i-left","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/reyes-retirement-fund-in-good-standing-when-i-left\/","title":{"rendered":"Reyes: Retirement Fund in good standing when I left"},"content":{"rendered":"
Former NMI Retirement Fund administrator Karl Reyes, left, and former representative Ana S. Teregeyo listen as the leadership of the Democratic Party of the Northern Marianas announces their support to the Independent ticket of former governor Juan N. Babauta and Dr. Rita A. Sablan last Tuesday. (Jon Perez)<\/figcaption><\/figure>\n

Former NMI Retirement Fund administrator Karl T. Reyes said the agency was in good financial standing when he was at the helm of the fund manager of the CNMI\u2019s current and former government employees.<\/p>\n

The Retirement Fund is one of the issues that the administration of Gov. Ralph DLG Torres is comparing under the leadership of former governor Juan N. Babauta.<\/p>\n

Babauta, who is again running for the CNMI\u2019s top executive post, appointed Reyes to head the Retirement Fund in 2002. Babauta is seeking his former post as an independent with former CNMI State Public School System commissioner Dr. Rita A. Sablan as his running mate.<\/p>\n

Reyes said the Fund\u2019s investments were only about $11 million but he managed to increase the funds by constantly communicating with the investment companies that handled their money in the mainland.<\/p>\n

\u201cIt went up until we were able to hold it for many years even if funds from the government [were not coming in]\u2026 [It was] over $100 million when I left, before I came in it was just $8 million some,\u201d Reyes told members of the media after the local Democratic Party announced their support to the Babauta-Sablan independent ticket.<\/p>\n

Reyes said that the Fund\u2019s former board member had been complacent with their job. \u201cWhen I came in, I found out that the board members were not calling the investors of the Retirement Fund. None of them were really doing their job.\u201d<\/p>\n

\u201cWhen I took over, I did that requirement to contact the investors, because the investors are needed to be contacted for them to do the investment more. Or what they are asking \u2018where do you want us to invest?\u2019 and things like that.\u201d<\/p>\n

He added that representatives of the investment companies tapped by the Fund back then did not know that the CNMI, Saipan in particular, is far from the mainland. \u201cThey learned later on that we are far from Washington, D.C. for them to help us [in] the daily investment of the funds that we have.\u201d<\/p>\n

\u201cWhat\u2019s very important is how we increase[d] our funding all together in my years at [the Fund], of about 5 1\/2 years of work, the increase went up by 100 percent,\u201d said Reyes, who added that getting in touch with the investment companies was the key in effectively handling the Fund\u2019s investments.<\/p>\n

He said that he made sure that those who handled the Fund\u2019s money would put the funds into investment that had the opportunity of higher returns. \u201c[I\u2019ve asked] them to please check the best possible places to invest the funds because we don\u2019t have government funding on Saipan.\u201d<\/p>\n

\u201cThat\u2019s another thing that they helped us with. They found out later that we really need the money to increase funding for our retirees. Before, the board members only meet once a month or at least twice a month and it is only then that they contact the investors.\u201d<\/p>\n

Reyes added that he was always in touch with investment companies. \u201cThey are also sending us information through email to see what investment is the best.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Former NMI Retirement Fund administrator Karl T. Reyes said the agency was in good financial…<\/p>\n","protected":false},"author":48,"featured_media":279836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[26,288,21911,21912],"class_list":["post-279833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","tag-cnmi","tag-democratic-party","tag-karl-reyes","tag-reyes-retirement-fund"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/279833","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\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=279833"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/279833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media\/279836"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=279833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=279833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=279833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}