One member of the Government Employees’ Retirement System board of trustees suggested Thursday “it is just a waste of time” negotiating with Gov. Albert Bryan Jr. concerning the collection of $11 million GERS says it is owed by the central government.
With the Government Employees’ Retirement System possibly headed toward insolvency within three years, the University of Virgin Islands' CELL program has its work cut out for it as it tries to come up with a five-year strategic plan.
Meeting in special session on Tuesday the V.I. Senate did not approve a newly revamped version of Gov. Albert Bryan Jr.'s securitization proposal, instead, sending it to the Finance Committee for further consideration.
Gov. Albert Bryan Jr. said on Monday that his team had closed on a $60 million line of credit authorized last year by the Legislature, and, he will call them into a Special Session on Dec. 29 to reconsider a proposal to refinance the territory’s Matching Fund revenue debt.
In wake of the Senate’s vote on Tuesday against a proposed refinancing bill that would have provided immediate funding for GERS, Public Finance Authority board members lamented on Wednesday that “nothing is being done” to fix a “gaping wound” that now totals $5 billion.
Few in the U.S. Virgin Islands are unaware that the V.I. Government Employees' Retirement System is losing money and that there is a proposal to cut some benefits very sharply in 2021. The situation, all acknowledge, is dire.
Austin Nibbs, administrator of the Government Employees’ Retirement System, said Friday he has talked to several Crucians, professionally qualified to sit on the GERS board, but none of them want the job.
Since 1999 the Virgin Islands Source – the only online newspaper of general circulation in the U.S. Virgin Islands – has been providing the community with reliable, accurate and balanced local journalism.