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The Government Employees' Retirement System will NOT cut retiree benefits by 42 percent on Jan. 1, contrary to what GERS Administrator Austin Nibbs described as "misinformation being circulated."
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.
What would you do if you had to choose between paying your light bill, buying groceries or purchasing medication? Virgin Islands retirees may have to make those tough choices in the coming year.
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.
While Gov. Albert Bryan Jr. has said his financial team is determined to salvage what it can of plans to refinance government debt, he decried the politics he said is ultimately to blame for failures to bring relief to a failing pension system.
Gov. Albert Bryan Jr. said Friday he remains determined to find a solution for government retirees facing imminent pension cuts after his bond debt refinancing plan was derailed in court -- and he warned that some who sowed seeds of doubt about the legislation are eager to see the Virgin Islands end in bankruptcy, just like neighboring Puerto Rico.
After lobbying the V.I. Senate for most of the summer to pass his Matching Fund Securitization Corporation plan, Gov Albert Bryan Jr. announced on Monday that he was suspending the program.