12 Feb 2014

American Samoa Govt retirement fund increases

11:51 am on 12 February 2014

The American Samoa Government Employees Retirement Fund's net growth has increased by more than 10 million US dollars in the fiscal year 2013 from the previous fiscal year.

Our correspondent says this is according to the most recent audited financial statements for fiscal year ending the 30th of September, 2013.

A break-down of the financial statement shows total net assets at the end of 2013 were 211.46 million, while net assets for 2012 stood at 200.71 million.

In the same time period, the unfunded liability stands at 52.5 million, which is a slight increase in 2012 where the unfunded liability totalled 48 million dollars.

The new financial statement comes as lawmakers are seeking a full review of the pension plan.