It's expected a bankruptcy petition filed for the Northern Marianas Islands Retirement Fund will extend the life of the fund.
The CNMI's pension programme has been on the verge of collapse and has been projected to last only to about 2014 if no solution is identified.
The fund, through its administrator Richard Villagomez, filed a chapter 11 bankruptcy in federal court.
A Chapter 11 bankruptcy petition allows a debtor to enter into an agreement with creditors under which all or a part of the business continues.
Our correspondent in CNMI, Mark Rabago, says while there was initially anger and panic at the news because it came out of the blue, the move is seen as a win, win.
"The board decided to enter into chapter 11 petition, so it would re-organise itself and better function. And also extend the life of the retirement fund. Extend the life while waiting for new bills, new measures, new laws, to further help the retirement fund."