3 Oct 2008

American Samoa retirees promised annual benefit adjustments

11:04 am on 3 October 2008

Government retirees in American Samoa can look forward to receiving annual cost of living adjustments in their monthly retirement checks.

The House of Representatives has endorsed an administration bill which would raise retiree annuities each year, rather than every two years, as present law now requires.

The bill becomes law as soon as it's signed by the governor.

Another retirement bill which was endorsed by the House, allows appointed officials to become members of the Retirement Fund.

The bill qualifies judges, local government officials, gubernatorial appointees and heads of government authorities and agencies to be members of the Retirement Fund.

At present contract employees are ineligible to join the fund.

But the bill which has now passed both the Senate and House makes them eligible if they pay an amount for all the years they were not members of the fund but were government employees.