The NMIRF has added these two documents below to their website:
i was requested by a retiree that i post the links above. i am always open to posting information related to the NMIRF on the site.
i do want to emphasize however that the document [NMIRF Request Input Regarding Pension Cuts] was created by the NMIRF and their main intent is to reduce benefit payments.
although it may appear that no other solution is possible, that may not be the case.
i would like to provide another perspective.
let us remember that the original case filed in Superior Court was done for the main purposes of getting the government to pay in what they had stopped paying and to get them to continue to pay in as mandated. The original case never involved cutting benefits or even setting aside funds for active employees. it certainly did not involve filing bankruptcy in order to cut benefits. seems odd that retirees own money has been used to facilitate a pathway towards that over the last 3 years. look where we are now from where this began. it appears to be night and day.
so, if you do intend to submit a response to the NMIRF request, do keep in mind that no retiree is mandated to voluntarily offer to cut their benefits by any amount and an adequate reply (in addition to the 3 presented in the document) could be one or a combination of the following (or many other variants that do not include cuts):
- i do not want to see any cuts made to retirement benefits but would like to see the following:
* would like to see aggressive action taken with Federal Court oversight to begin to collect on the growing judgement against the government
* would like to see aggressive action taken with Federal Court Oversight to ensure that the government make their constitutionally mandated employer and employee contributions.
* corrections made going forward to any benefits that may have been erroneously computed by the NMIRF.
* federal assistance in collecting moneys paid on questionable contracts that were not satisfied
* a disgorgement of legal fees paid out by the fund over the past years (including the current bankruptcy if it is kicked out of court) paid back to the fund
the letter from the NMIRF may be a bit misleading to some and may appear to insinuate that cuts MUST happen and WILL happen. this is not the case. as far as the CNMI constitution is concerned, retirement benefits can not be diminished or impaired.
The purpose of this site is to provide an online clearinghouse of as much correspondence as possible that is related to the Northern Mariana Islands Retirement Fund (NMIRF).
If you would like to include information here please email the site owner .