4/4/12, Wed., 7:25 p.m.
Hello: There was a Special Meeting of the Northern Mariana Islands Retirement Fund (NMIRF) Board of Trustees today. On viewing the agenda they sent out via email a couple of days ago, I felt the few items listed there might be heard in Executive Session. I emailed the Board Attorney, Viola Alepuyo, to ask about that. She responded that, indeed, most of the meeting would take place in executive session. The only items on the agenda for consideration were: Election of Officers; Legal Update in Cases No. 03-0367, 09-0023, and 10-15427; and Legal Strategies Moving Forward. So, I assumed that the only item I would be able to in would be the voting for new Board officers. I then decided not to attend. I learned from Attorney Alepuyo after the meeting that the new Board officers are: Bernadita Palacios, Chairwoman and Adelina Roberto, First Vice Chair
Another matter I personally feel is good news, is the Board’s action on the Commonwealth Government Employees’ Credit Union (CGECU) request (dated 12/15/11) to refinance their existing loan ($2 million) at a lower interest rate of 5% for another 30-year term with $500,000 new funds to be added to the original loan. After the executive session on March 8 (reconvened from 2/24/12), the Trustees voted to deny that request. On March 26, 2013, Fund Acting Administrator Ester S. Ada, wrote to the CGECU informing them of the Board’s decision. In the same letter, Ms. Ada reminded them that they were, as of 3/15/12, seven months past due on the original loan, amounting to $105,000.
Just a reminder, Superior Court Judge Ken Govendo has set June 15, 2012 as a deadline by which he expects “…an agreed upon solution and any Legislative initiative that will help the Fund.” His March 19, 2012 order states, “If the Court believes that the actions of the Board of Trustees, the Executive Branch, and/or the Legislative Branch are unsatisfactory, it will allow for petitions of receivership to be filed. The Court will hear arguments on this June 29, 2012.”
Further, I remind you to periodically check out the NMIRF website, www.nmiretirement.com, and Glen Hunter’s website for retirees, http://kixproductions.com/cnmiretiree/ Note that Glen administers and updates his website free of charge to help keep retirees informed. There is a lot of valuable information on both these sites. Also, please keep in mind that the Fund is now sending out E-notices to retirees about upcoming meetings and other important matters. To get on their list, please send an email to: notice@nmiretirement.com and include your full name and email address.
Warm regards. Donna
