To All Define Benefit Retirees
Almost three years ago when NMIRF sued the CNMI government, the retirees prevailed and the CNMI government was required to pay up a principal amount of about $231 Million to the Retirement Fund. Since the day Govendo decided on the case, I have not heard or seen the CNMI Government come up with a solution by which to comply with the Court Order. Instead I heard that the administration is trying to “kill” the DB program and convert the system to something similar to a 401K program. Good or bad, I don’t know. But the Governor mentioned this the other night on the local news.
My opposition to this whole “exercise” is that Retirement Fund is being used to resolve a problem that the Administration or the CNMI Government as a whole should undertake and resolve and expenses associated with such move MUST BE PAID BY THE GOVERNMENT AND NOT THE RETIREMENT FUND. This must be looked into by the officers of NMIRF or CRA as I feel that the Board of Trustees of NMIRF are acceding to a responsibility that the Administration should be undertaking.
The fees and expenses of this Bankruptcy must be paid by the DEFENDENT and not the Plaintiff of the case..
We must all speak up and be heard.