Archive for the ‘From Bill Stewart’ Category

  • 16 May

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    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

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    I 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 [...]
  • 29 Apr

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    Do United States Laws of Contract Mean Anything in the NMI or Not?

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    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 [...]
  • 15 Apr

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    Imagining the life of poverty many NMI retirees can expect in 11 months if the 18th Legislature fails to act

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    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 [...]
  • 18 Feb

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    Are Two Proposed Fund Recommendations As Suggested to the Trustee Ad Litem – Pozzolan & Pension Bonds – Realistic or Not?

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    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 [...]
  • 17 Jan

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    Lengthy List of Government Abuse Against the Fund

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    With respect to the adjudication surrounding matters related to the Retirement Fund I keep wondering about the NMI government strategy and what does the administration  hope to accomplish by fighting retirees and the Fund in court? It appears to me that every move the administration’s attorneys are obstructionist, challenging the obvious and in a continual state of denial. Is it the administration’s hope that the Court will sanction the government ‘s reneging on its contractual obligation Read more [...]
  • 08 Jan

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    Where Will The Money Come From To Pay Pensions After Early Next Year?

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    Preface: My Opinion “Never have so many  -- about to lose so much -- done so little to help themselves.” I wonder if it has occurred to very many DBP retirees that the group is largely leaderless and has been for several years. Many retirees probably have given this deficiency little concern. As a result the retirees, as an assembly, have never been able to present a unified position on many of the issues of concern to the court, the legislature, the administration or to many of the army Read more [...]
  • 02 Jan

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    In this retiree’s court of opinion

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    IF you are a retiree or a current DBP member of the Fund and have not read Glen Hunter’s excellent review as presented on “Posts from CNMI RETIREE BLOG for 12/31/2012” by all means you certainly should. I seriously wonder if it will ever be possible to straighten out the Retirement Fund mess largely created by both lawyers and lawmakers — those either now in or out of government. Little time remains before the Fund is entirely depleted at which point many retirees of advanced age dependent Read more [...]
  • 19 Dec

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    Why does the NMI government fight to avoid paying its legitimate debts?

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    Let me get this straight! Why does the NMI government fight to avoid paying its legitimate debts? FOR the past six years or so the NMI government has not honored its contractual agreement to pay the required employer’s contribution into its own Retirement Fund. This negligence continues in spite of the NMI Constitutional requirement to do so. A supreme example of bad faith in my book. Considering the huge sums of money it has had available over the period (see below) , I have yet to learn Read more [...]
  • 12 Dec

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    From Stewart Regarding NMIRF’s New Stance on Receivership

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    December 11, 2012 I wish the Federal Judge would order every attorney  ever associated with the Fund who openly opposed receivership to  submit a written report  to the retirees as to their reasons for directly opposing  -- or otherwise advising the Fund's Board of Trustees to oppose -- Federal Court sanctioned action resulting in the appointment of a receiver for the Fund.    Much of their protracted and delaying legal machinations were illogical and without respect for the sanctity of Read more [...]
  • 07 Dec

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    A tough but necessary decision — reduced pensions as a way to extend payments!

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    I AM going out on a limb and request that the federal court do something for the Defined Benefit Plan members of the Retirement Fund that together they are most probably unable to do for themselves — namely agree to having their pensions reduced. William Stewart Because I believe a consensus of the majority would most likely never be assembled for an agreement to reduce pensions, I request by way of this public forum that the trustee ad litem give serious consideration to examining Read more [...]
  • 29 Nov

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    Was the truth withheld from PSS employees?

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    A RECENT announcement on KSPN stated that PSS owes the Retirement Fund more than $34 million in employer contributions and also is seriously delinquent in transferring individual financial contributions of its employees to the Fund. Some federal assistance grants to PSS may allow for payment of employee benefits (government health and life insurance, employee retirement contributions, etc.), while others may not — it depends on the federal funding agreement. This may be something for the Read more [...]
  • 29 Nov

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    Thoughts on development potential & related economic issues — starting the long road back to economic recovery

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    THESE are my observations of the ups and downs of the NMI economy for more than 40 years — this period included being both a resident and nonresident dating from the days of the NMI as a Trust Territory economic backwater to the present.   The total NMI annual reported business gross revenue back in 1970 was $433,334. It was a time when the total population of the NMI was 14,333 (‘73) with only 55 businesses employing 673 people. There were two hotels, the 56-room Royal Read more [...]
  • 16 Oct

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    A Defined Benefit Retirement Fund Ruined by Politicians — Who Else!

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    IF you are a retiree you must be dismayed at the costly legal delays the administration and Retirement Fund attorneys employ in their effort to find every possible excuse to avoid establishing a plan to pay the NMI government’s contractual and constitutional financial obligation to retirees beyond the projected 17 months of remaining life of the Fund. William H. Stewart There is no question that payment is due the retirees — why can’t a reasonable payment plan — even if Read more [...]
  • 05 Oct

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    From Bill Stewart to CRA

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    October 4, 2012 To: Members of the Board of Directors individually and collectivity of the Commonwealth Retiree’s Association (CRA)   From: Bill Stewart , Retiree   Subject: “Selected” Impressions of CRA efforts on behalf of DBP retirees   I am reminded of a quote from C. N. Bovee, “The legitimate aim of criticism is to direct attention to the excellent ” also as well as advice from my dear sweet granny, “The rule in carving --  as to criticism Read more [...]
  • 27 Sep

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    Must retirees accept the reality of reduced pensions in the future?

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    SECTION 20 (a) of the NMI Constitution states: “Membership in an employee retirement system of the commonwealth shall constitute a contractual relationship. Accrued benefits of this system shall be neither diminished nor impaired.” When the Retirement Fund’s invested base has been withdrawn and “cashed out” — possibly in less than two years — just as you can’t “make a dead fish swim” — if you are a defined benefit plan (retiree you can’t expect payment of your pension when Read more [...]
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