At the end of January 2014, the Settlement Fund had assets totaling $106.3 million, an increase of $1.5 million from Dec. 31, 2013\u2019s balance.<\/p>\n
Settlement Fund investment consultant Maggie Ralbolvsky of Wilshire Consulting disclosed during her presentation in federal court on Monday that investment return was the main driver behind the $1.5 million increase.<\/p>\n
Ralbolvsky said the Settlement Fund had a positive return of 1.24 percent in January 2014.<\/p>\n
Ralbolvsky also reiterated her previous position that pension obligation bonds for the CNMI will be cost-prohibitive and will not be a viable option.<\/p>\n
At the same hearing, Fund trustee Joyce CH. Tang, in her status report on the Settlement Fund, disclosed that the NMI Retirement Fund previously paid Express Electronics over $400,000 for a software that was not delivered.<\/p>\n
Tang said the Settlement Fund has commissioned the development of a benefits calculation and audit software program from Wilshire for $150,000 plus $30,000 for training expenses.<\/p>\n
Tang said the software program will be able to calculate and audit member\u2019s benefits.<\/p>\n
Assistant attorney general Reena Patel said the case against Express Electronics is under litigation in Superior Court.<\/p>\n
U.S. District Court for the NMI designated judge Frances Tydingco-Gatewood said the Fund should get back the $400,000 and use the money to pay the retirees.<\/p>\n
Patel said the CNMI government has no issue with the recovery of the money from Saipan Electronics.<\/p>\n
\u201cWe\u2019re just willing to provide assistance,\u201d Patel said.<\/p>\n
Attorney Margery Bronster, counsel for Betty Johnson, said that under the settlement agreement, the $400,000 will be assets of the Settlement Fund.<\/p>\n
Tang said they will work with the CNMI government to recover the amount from Saipan Electronics.<\/p>\n
In April 2012, the Fund filed a lawsuit against Gerhard \u201cGary\u201d Sword and his company, Express Electronics, for their alleged defective pension software that has already cost the Fund $406,060.<\/p>\n
In January 2012, two Fund members\u2014Joaquin Q. Atalig and Jesus I. Taisague\u2014also sued Sword and his company over the same alleged non-functioning software.<\/p>\n","protected":false},"excerpt":{"rendered":"
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