A Opposition Senator in the Marshall Islands, Alvin Jacklick, says the impending bankruptcy of the country's retirement system can be easily solved with political will.
Marshall Islands Social Security Administration officials say that without immediate law changes the fund will be exhausted in eight years.
Mr Jacklick says if the Cabinet does not introduce legislation to amend the social security law when parliament convenes in January, he will, to ensure there is money in the fund for future generations.
He says several amendments must be made to the existing retirement fund law.
These include raising Social Security tax by two percent, capping benefits and eliminating early retirement.
For three years, Social Security officials have been appealing to the government to take action without any results.
This coming year, retirement fund officials anticipate withdrawing five million US dollars from the fund's offshore investments - nearly 10 percent of its assets - to meet skyrocketing benefit payments.
