$5.2M transferred to Settlement Fund to pay retirees’ 25% pension | Local News
Gov. Arnold I. Palacios confirmed yesterday that $5.2 million were transferred directly last week from the Commonwealth Economic Development Authority to the NMI Settlement Fund to pay the government retirees’ 25% voluntary pension through the end of the fiscal year.
Palacios also confirmed in a statement that the Department of Finance ensured there was no lapse in payment of the voluntary 25% pension benefit.
The governor said DOF made the decision to have funds go directly to the Settlement Fund to assure retirees that funds will be used for its intended purpose.
“The administration has been unwavering in its commitment to continue the 25% payments to the retirees despite the fiscal challenges that we face as a Commonwealth,” Palacios said.
The governor said he and Lt. Gov. David M. Apatang thanked the members of the Legislature for passing legislation that ensures the payments of the 25% pension continue.
Palacios said the retirees are some of the most valuable in the Commonwealth, and to many of them, the pension payment represents a lifeline, providing essential support for daily expenses, healthcare needs, and maintaining a decent and dignified standard of living.
“Although we have reached a solution for now, the challenge to sustain the payments past the end of the fiscal year continues,” said Palacios, adding that he and Apatang will continue to work with the Legislature to help safeguard the retirees’ benefits and give them the peace of mind and financial security they deserve.
Last April 11, then-acting governor Apatang signed into law Public Law No. 23-18, a bill that will appropriate $5.2 million of the dividends collected by the CEDA from the Commonwealth Utilities Corp. for payment of the 25% pension benefits.
Rep. Blas Jonathan T. Attao (Ind-Saipan) is the principal author of the legislation, House Bill No. 23-104, HD1, SD1.
