The Department of Finance has remitted $947,000 to the NMI Retirement Fund this week, said Fund administrator Karl T. Reyes.<\/p>\n
He said the money came in Wednesday afternoon, giving the Fund about an hour to deposit it in the bank.<\/p>\n
The Fund normally deposits money two days ahead of the actual pay period for retirees who get their pension through wire transfer. <\/p>\n
The Fitial administration has promised to pay the Fund some $900,000 per pay period representing the government\u2019s employer contributions. This is an increase over the previous administration\u2019s average remittance of $835,000 per 15 days.<\/p>\n
Fund officials, led by Fund board members, met with Gov. Benigno R. Fitial last week to get his commitment to remit the government\u2019s contribution on time.<\/p>\n
The administration has so far met three pay periods since its assumption to power last month.<\/p>\n
The central government\u2019s outstanding debt with the Fund in employer contribution totals over $85 million.<\/p>\n
The Fund said that it has to pay $2.3 million for pension per pay period for some 2,000 retirees. <\/p>\n","protected":false},"excerpt":{"rendered":"
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