The CNMI government needs to pump in $15 million a year for at least 10 years into the Settlement Fund to make it self-sufficient by 2019.
CNMI Legislature Photo: Supplied
Exclusive Saipan casino license holder Best Sunshine International, Ltd. is currently paying $15 million in license fees a year, $10 million of which is used to pay off retirees' benefits.
However, Fund trustee Joyce Tang is suggesting that the $15 million be wholly set aside for the Settlement Fund in order for the government to drastically cut its contributions beginning in fiscal year 2026.
She argued that the Settlement Fund will become pay-as-you-go entity by 2019, but if there is that $15 million additional funding each year, the Settlement Fund's assets will reach $215 million by 2026.
