30 May 2006

Northern Mariana government's attempts to avoid retirement fund debts angers retirees

7:34 pm on 30 May 2006

The Northern Marianas Retirement Fund is urging more retirees to lobby their representatives in the legislature to oppose the government's bills to reduce its budget deficit.

The bills outline a 10 percent across the board wage reduction, forty million US dollars to bail out the Commonwealth Utilities Corporation using money from the retirement fund, and for the government's 123 million dollar debt to the fund to be written off.

The bills also call for the suspension of the government's employer contribution to the fund until the end of this years' fiscal year on September 30th.

The administrator of the fund, Karl Reyes says those affected have to voice their opposition to it now, before it becomes law.

"There was a meeting where more than 150 retirees showed up and they are saying they are going to go to their respective representatives in the house chamber and try to lobby against passing it."

The administrator of the CNMI RetirementFund, Karl Reyes