28 Jun 2013

CNMI retirement fund to get a government top up

1:34 pm on 28 June 2013

The struggling Northern Marianas Retirement Fund may get a reprieve next year as the government of governor Eloy Inos has promised to remit more than 20 million US dollars to the agency.

The money is to meet the terms of a settlement deal that is being finalised between the government and the Retirement Fund.

This week, Mr Inos took part in a three-day settlement negotiation with the parties in a class action against the Fund and the CNMI government, resulting in a tentative deal reached on Wednesday.

The Senate is currently reviewing revenue generating bills such as the Saipan casino gambling authorisation bill and the electronic gaming bill that have already been passed by the House.