-
A cursory review of the financial resources available to the NMI administrations over a 24-year period (1986-2009) during which employer contribution payments were withheld from the Retirement Fund
0I HAVE long been interested in various financial sources and their corresponding amounts which have been available to the NMI since 1986, the year United States citizenship was conferred upon those in the islands who met the necessary qualifications to receive the honor. Considering the time consuming effort required to collect this information I am of the belief that this presentation may be the first time it can be viewed in the aggregate. I seriously doubt if anyone at the Department of the Read more [...] -
Local Media (Saipan Tribune) Needs Input From Retirees/Active DB Members
A reporter with the Saipan Tribune is interested in any human interest stories on how the Fund’s collapse will affect retirees and active government employees. Please share any insight you may have with her or help get her in contact with potential interviewees. Here is the contact information: Moneth Deposa - monethdeposa@yahoo.com Read more [...] -
Need for volunteer legal research re Social Security Law
May 15, 2013From: Bill Stewart Subject: Need for volunteer legal research re Social Security Law i am curious about the discussions held during the Covenant negotiations concerning the offer on the part of the Federal Government for the NMI to join the U.S. Social Security System -- which we all know was declined in preference to the “cookie jar” NMI Government administered Retirement Fund. I am trying to determine if there is a Federal law requiring state Governments to either participate Read more [...] -
Do United States Laws of Contract Mean Anything in the NMI or Not?
by William H. Stewart, Economist United States laws as they prevail in the NMI provides the absolute bedrock of stability upon which confidence rests thereby creating the atmosphere within society permitting individuals and businesses to prosper and grow. The American judicial system and its highly developed system of law, commercial and otherwise, is a system proven to be acceptable to all within its jurisdiction. United States courts have inspired confidence Read more [...] -
Imagining the life of poverty many NMI retirees can expect in 11 months if the 18th Legislature fails to act
by William H. Stewart “THE 18th Legislature should not be careless and indifferent about the future of retirees. Today it is everyone’s business but it soon may be no one’s business.” It was one of those cool evenings on Saipan which was unremarkable in its similarity with thousands of others. A flaming sunset over the Philippine Sea, its golden rays reflected on a smooth azure lagoon surface where rippling waves were brushed by a cool breeze rolling down from a brooding Mt. Tapochau. In Read more [...] -
Tydingco-Gatewood Issues Order on Emergency Motion
Judge Tydingco-Gatewood has issued the following order resolving issues that were raised in the Johnson Lawsuit Emergency Motion. As expected, the order notes that all parties have agreed to engage in good faith negotiations and the court expects that to be adhered to. The order maintains that the CNMI government must continue to make the $10 million budgeted payments to the months throughout FY13. The order also brings to a halt any distributions of employee contributions to active employees as Read more [...] -
Judge Tydingco-Gatewood Urges Good Faith Settlement Talks By All Parties
Governor Inos took the stand in the emergency hearing this morning. He agreed with all parties to put a hold on major portions of PL 18-02 and agreed to move forward with good faith negotiations in the on-going Global Settlement in front of Judge Faris. The Governor asked that the settlement proceedings move forward at a quick pace. As it stands now, all parties, except the government, have supplied Faris with their settlement proposals. The CNMI Government intends to submit theirs by the end of Read more [...] -
Tydingco-Gatewood Schedules Emergency Hearing – 4/2 at 9:30am
Judge Tydingco-Gatewood has called for an emergency hearing in order to clarify issues surrounding attempts to refund active employee DB members contributions. The hearing is set for 4/2/13 at 9:30 am in CNMI District Court. The judge has asked the Fund and Government to explain how exactly the refund of money as directed by PL18-2 will “stabilize” the fund.
-
11 Years of Published Articles Regarding Fund Condition
March 3, 2013From: William H. "Bill" Stewart IntroductionTo Whom the following may be useful:I have always been alert to any comments which might be made as a excuse by any person associated with the management of the Fund who had fiduciary responsibility that "they were unaware of the deteriorating financial condition which was slowly overtaking and dangerously jeopardizing the future financial security of all retirees." Should this "cop out" occur anytime during Read more [...] -
A message to retirees
Doctor Tom Arkle’s letter to the editor of Feb. 21 concerning the fallacy of Pagan’s pozzolan mining is well-stated, comprehensive and provides valuable advice for the uninformed who may still believe that pozzolan offers any hope to meet the future financial needs of the dwindling retirement fund now scheduled for exhaustion in one year. The Commonwealth Retirement Association public position in support of pozzolan mining as well as a pension obligation bond are instances which have contributed Read more [...] -
Are Two Proposed Fund Recommendations As Suggested to the Trustee Ad Litem – Pozzolan & Pension Bonds – Realistic or Not?
By William H. Stewart, Economist As an industrial economist I am aware of the continued belief held by some in the perceived potential the mining of Pagan Pozzolan offers as a partial solution for many of the NMI?s financial problems. Now some are hoping the export of volcanic ash may be a new candidate to rescue the Retirement Fund. In a letter dated February 13 addressed to the Federal Court?s Trustee Ad Litem, Senator Ray Yumul and Representative Mario Taitano offered several suggestions Read more [...] -
Senate and House Ad Hoc Committee Recommendations
MSG from Oscar Camacho:"Please see what was accepted and endorsed in yesterday’s CRA meeting. Director Diego Benavente is instrumental and more well versed with the details. Please call him should you have any questions…..phone number is 483 5848" DOC015.PDF Read more [...] -
Compilation of Ideas to Save the Fund
Below is a lengthy list of items that have been compiled over the last 3 years from emails and notes from various concerned people (Bill Stewart, Oscar Camacho, Donna Cruz, etc.) Things today may have changed and some of the items may be a bit different but many are still viable and maybe even new ones exist. The line "there just is no money" that the Government has been using for the last 6 years is not accurate.Government finances are tight but prioritizing the Fund and locating assets is Read more [...] -
The need for realistic Fund solutions
From: Bill Stewart RECENTLY there have been several comments published in the local media suggesting ways to delay the total collapse of the Fund which is now anticipated in 12 months. The desire for wanting to help retirees is laudable but several of the suggested solutions which have appeared so far are questionable if not completely unrealistic. The suggestions which have been mentioned appeared to this observer to be both quite unrealistic on the one hand — and ill-informed on the other. One Read more [...]
Subscribe
Free Notification
All Posts
- A cursory review of the financial resources available to the NMI administrations over a 24-year period (1986-2009) during which employer contribution payments were withheld from the Retirement Fund
May 16, 2013 - Local Media (Saipan Tribune) Needs Input From Retirees/Active DB Members
May 16, 2013 - Need for volunteer legal research re Social Security Law
May 16, 2013 - Do United States Laws of Contract Mean Anything in the NMI or Not?
April 29, 2013 - Imagining the life of poverty many NMI retirees can expect in 11 months if the 18th Legislature fails to act
April 15, 2013 - Media Coverage of 4/2/13 Federal Court Hearing
April 3, 2013 - Tydingco-Gatewood Issues Order on Emergency Motion
April 2, 2013 - Judge Tydingco-Gatewood Urges Good Faith Settlement Talks By All Parties
April 2, 2013 - Tydingco-Gatewood Schedules Emergency Hearing – 4/2 at 9:30am
April 1, 2013 - 11 Years of Published Articles Regarding Fund Condition
March 4, 2013
