Please fill out the NMIRF simple survey: http://www.surveymonkey.com/s/T8FL27H
Please pass the link on to other members.
So far 85 have responded and we have this breakdown:
Question #1) What is your interest in the NMIRF?
39 DBP Retired Members
22 DBP Active Employee Members
3 Child of a DBP Member
1 Surviving Spouse of DBP Member
7 DCP Members
12 Concerned Citizens
Question #2) What do you feel should be done regarding Governor Fitial’s June 7th ‘Declaration of Disaster Emergency as Regards to the NMIRF; And Executive Reorganization of the NMIRF (You can view EO # 2012-06 here: http://kixproductions.com/cnmiretiree/wp-content/uploads/2012/06/NMIRF-State-of-Emergency.pdf?
68 want Disaster Emergency challenged in Federal Court
5 want the Disaster Emergency challenged in Superior Court case
1 nothing, the Governor should be allowed full control over the fund.
3 want other option of: “a Legislative override”
1 wants other option of: “I think that the Commonwealth leaders buckle down and exercise that public policy privilege they have to determine the best course for the Fund. They all need to work hard — do their own research, reading and really do their own thinking rather than having someone do it for them.”
1 wants other option of: “Need to stop fighting in both courts because we are the victims here when matters are taken to court, meaning are vested contributions are being used to pay for court fee’s and so forth. We want the government to return our vested contribution 100% period. No more of this fiasco’s from our government.”
1 wants other option of: “I’m not sure”
1 wants other option of: “ All stakeholders shall be represented at the “table” to preserve the livelihood of the funds.”
2 wants other option of: “Because this greatly affects the current retirees and active members as well, let us all join hands and impeach our governor before he completely the entire CNMI government along with his unable cronnies up there on there hills.” and “The Governor should be impeached or recalled. He was sworn to protect and uphold the CNMI constitution and he has violated his oath had failed miserably in regard of the retirees. His buddy the AG should be tarred and feathered and run off the island.”
1 wants other option of: “Who cares, he will spend out money as he wishes.”
Question #3) What is your current assessment of Northern Mariana Island Retirement Fund’s Defined Benefits Plan?
53 think the Fund can be salvaged w/Federal Receivership
4 thinks the Fund can be salvaged through Superior Court collection case
2 think the Fund can be salvaged with oversight from the Executive Branch
15 think the Fund can be salvaged in other ways
2 think it can be salvaged in other way - “via Chapter 9 bankruptcy”
1 think it can be salvaged in other way - “Give back the eurrent employees 100% plus interest their contribution. For those that are below 50 can find some other retirement plan and for those that are over 50 can always buy more life insurance policies.”
1 think it can be salvaged in other way – “Liquidate – fairly divide the money between the members (court supervised).”
1 think it can be salvaged in other way – “I wanted to check the first option regarding a receivership with a note, but the website would not allow this option. I am not sure what salvage means in this context. Unless the US government decides to bail out the fund (and I do not believe there is any chance of this), benefits will have to be cut from the current rate. The CNMI does not have the money to fund the pensions it promised and it will not have the money in the future, four years from now or ten years from now. People need to accept that you cannot create something out of nothing. I moved my retirement contributions into the DC plan in 2007, because the lack of funding for the DB was becoming very clear. The DB plan provides a much, much more attractive retirement than a 401(a) account but, unfortunately, this is precisely what caused the DB plan to fail, in conjunction with the government’s belief that funding the plan was a “luxury” that they could cut without consequence. I think a receivership is the only slim chance of saving anything from the fund for the retirees; otherwise, the Administration will certainly squander it all in one way or another.”
1 think it can be salvaged in other way: “1) Return all employee contributions to active employees. 2) Allow them opportunity to join DC plan, or invest at their discretion. 3) Offer opportunity to buy in to Social Security for these members or new employees coming in, AFTER arrangements are complete. (Don’t hold our money hostage in the interim.) 4) Stop withholding from our checks until it is clear where our money is going. 5) Use what is left in the fund after returning our contributions to support current retirees and pursue legal remedies to enforce previous order for government to pay.”
1 think it can be salvaged in other way: “Those who have not been members for less than 15 years should be given the option to withdraw their contributions as if they have resigned from the government or join the DC Plan. Those who have more than 15 years of service should be given back their full contribution plus a reasonable percentage of what they have contributed. Those employees monies which have been entrusted to the government are the monies that have contributed a lot in the earnings of the fund, most specially those who have not opted to temporarily resign and withdraw their contributions.”
1 think it can be salvaged in other way - “return our contributions 100% period we are the rightful earners/owners and we work hard and sweat for it.”
1 think it can be salvaged in other way - ”Timely and sustain share contribution from the government, Executive branch timely paying & forwarding gov’t shares. Legislative Branch; appropriating adequate funding, Board of Directors making decision to increase interest earning and putting measure benchmarks to save guard funding and prosecuting offenders.”
1 think it can be salvaged in other way - “The government can’t afford this RF. The CNMI constitution…hahaha… It will be ignored like the balanced budget amendment. You’ll all be lucky to receive a $6K/yr pension, and that will still require $18M. Reduce the rebate? More businesses will leave. Actives? You are already sucking us dry for 11%. Retirees benefits are obscene for too many of you. No sympathy for you parasites making more than $25K…?”