26 Sep 2006

CNMI Retiree Fund members exit retirement programme in droves after law change

6:00 pm on 26 September 2006

An average of 100 people in the Commonwealth of the Northern Marianas have dropped the government's Retirement plan each month since new laws were passed in June to restructure the Fund.

The Retirement Fund's new administrator, Mark Aguon, says the agency has refunded an average of 50 people per pay period in July and August.

The former chair of the Fund board Joseph Reyes says since June it has paid out an average of 400,000 US dollars a month in refunds.

He told the Saipan Tribune that people have decided to exit the programme since the government suspended its employer contributions.