Previous Posts
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Jan 27, 2012
No Comments1/27/12 Notes on Continuation of Fund Board meeting which started yesterday
1/27/12, Fri., 8 p.m. Hello: Today, I attended the continuation of the Special meeting of the Northern Mariana Islands Retirement Fund (NMIRF) Board of Trustees which started yesterday. One retiree, Ned Arriola, came to attend but had to leave before the meeting started. The Public Utilities Commission was meeting in the Fund’s conference room until...
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Jan 26, 2012
No Comments1/26/12 NMIRF Board meeting notes
1/26/12, Thurs., 4:15 p.m.Hello: Today, I attended the Special meeting of the Northern Mariana Islands Retirement Fund (NMIRF) Board of Trustees. Retiree, Paz Younis, also attended. The meeting was very short (less than one hour), as most (about two thirds) of the Agenda items were moved to Executive Session and we were told there would...
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Jan 06, 2012
No Comments1/6/12 NMIRF Regular Board Meeting
1/6/12, Fri., 9 p.m. Hi: Today I attended the regular meeting of the Northern Mariana Islands Retirement Fund (NMIRF) Board of Trustees. Two other retirees attended the early portion of the meeting, Sue Boyer and Fe Calisterio. Under the Public Comment section, Chairman Igisomar asked that anyone speaking try to limit their comments to 3...
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Dec 26, 2011
No CommentsThoughts on Retirement Programs by Bill Stewart
A new book has just been released describing how organizations spoil the retirement plans of their employees. The title is: “Retirement Heist” by Ellen E. Schultz , Penguin Publishing. For those with English as a second language, the dictionary defines the word “heist” as meaning robbery, holdup or steal. In other words – to take unlawfully. The author is a former...
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Dec 23, 2011
No CommentsFrom NMPASI Regarding NMIRF Adverse Actions
Please pass the following to anyone who might have received an adverse notice from the NMIRF. Thank you. NOTICE TO RETIREES IF YOU HAVE RECEIVED A NOTICE OF ADVERSE ACTION FROM THE NMI RETIREMENT FUND, YOU HAVE ONLY THIRTY (30) DAYS FROM THE DATE OF THE NOTICE TO RESPOND TO THE ADVERSE ACTION....
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Dec 19, 2011
No CommentsA Somber Message to Retirees from Bill Stewart
A somber message to retirees – How long are you likely to live without a pension if the Fund goes broke in two years? By William H. Stewart, Forensic Economist If you are a NMI retiree you should be very concerned that your Retirement Fund may be broke within two years if the administration and the legislature don’t...
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Dec 16, 2011
No CommentsVerbatim transcript of 11/28/11 meeting of Senate Special Committee formed to help NMIRF
Verbatim transcript of Senate Special Committee....
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Dec 16, 2011
No CommentsContinuation of 12/9/11 meeting today 12/16/11
12/16/11, Fri., 5:30 p.m. Hi: Today I attended the continuation of the December 9, 2011 regular meeting of the Northern Mariana Islands Retirement Fund (NMIRF) Board of Trustees. This meeting was to go through all the items remaining untouched in the last meeting. Under the Public Comment segment, Mr. Felipe Atalig, spoke to ask the Board...
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Dec 11, 2011
No Comments‘Island Business’ Magazine Article Features NMIRF
The NMI’s notoriety resulting from its treatment of it’s loyal retirees has now been publicized far and wide throughout the Pacific. Fiji’s Pacific-wide magazine “Islands Business” writes about the NMI’s Retirement Fund in the December issue entitled: “POLITICS: Pension fund on the verge of collapse?” which may be viewed on the following web site. Island...
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Dec 09, 2011
No CommentsNMIRF Reg. Board meeting – 12/9/11
12/9/11, Fri., 9:30 p.m. Hello: Today I attended the regular meeting of the Northern Mariana Islands Retirement Fund (NMIRF) Board of Trustees. Chairman Sixto Igisomar announced that, since the agenda was so long and detailed, the meeting might have to be recessed later to another date. He also said the open meeting would have to stop...
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Dec 08, 2011
No Comments2011 Wilshire Report on NMIRF
Here is the latest NMIRF report that was prepared by Wilshire on August 2011. NMIRF Report prepared by Wilshire (Aug 2011) (pages rotated for easy on-screen...
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Dec 07, 2011
No CommentsPOB Issues Revisited – by Bill Stewart
December 7, 2011 The request posed was, “Explain how or why the selling of pension obligation bonds (POB) would be a good or bad idea for the RF. As Replied by William H. Stewart, Economist The reason why the issuing of POB’s at this time is not a good option for the NMI has been...
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Dec 06, 2011
No CommentsFund’s Group Health & Life Insurance Program – by Bill Stewart
What happens to the retiree’s Group Health and Life Insurance plan when the Fund goes broke? If you are a retiree who has paid into the government’s Group Health and Life Insurance plan (GHLI) you must be aware that your health, the quality of your life and ability to function as your future retirement years...
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Dec 02, 2011
No CommentsSome Fund-Related Legal Definitions
These items have been provided by site viewers: The legal definition of a Defined Benefit Plan as published in Black’s Law Dictionary and as defined in the U.S. Code: “Defined Benefit Plan – a plan established and maintained by an employer primarily to provide systematically for the payment of definitely determinable benefits to employees over...
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Dec 02, 2011
No CommentsCNMI House Passes Bill to Allow Withdrawls
The CNMI House of Representatives has passed a bill to allow actively employed Defined Benefit Plan (DBP) members to withdraw their contributions. A couple key points in the bill is that it allows them to withdraw their contributions without any penalties assessed for early withdrawal. Another is that it does not force them to transition...
