The CNMI Senate has passed a milestone bill in expressing the CNMI's desire to transfer active government employees to the U.S. Social Security program.
The Social Security bill allows active members to decide whether to refund their contributions without being penalized, continue working, and transition into the U.S. Social Security system.
Or workers can remain with the NMI Retirement Fund in hopes that the pension program improves as it receives additional funding from the central government.
The Fitial administration wants to transition government employees to the U.S. Social Security program.
It wants to place the NMI Retirement Fund under the Department of Finance mostly to disburse pensions for current retirees, as part of the plan to address mounting concerns about the troubled public pension agency.
Governor Benigno Fitial has placed the NMI Retirement Fund under a state of emergency.
