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Tuesday, December 1, 2020
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GERS Board Still Looking for Another Member from STX

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.

Bryan: V.I. Must Take Calculated Risks Now for Prosperity Tomorrow

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. (Source photo by Shaun A. Pennington)

Bryan Vows GERS Solution After Setback for Refinancing Plan

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.

Bryan Suspends Securitization Program

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.

Senators Express Confusion About Changes to GERS Bail Out Bill, But Pass it in a Close Vote

Confusion swept through the Legislature on Thursday during a special session at which senators were called to vote on changes to a debt refinancing bill that aims to rescue a fiscally crumbling pension system. By an 8-6 margin, the newly amended legislation narrowly passed.

Governor Hopes For Extension of Pandemic Unemployment Benefit

The U.S. Virgin Islands will take advantage of an extra $300 a week in supplemental unemployment benefits to help ease the financial strain brought on by the ongoing public health crisis, Gov. Albert Bryan Jr. said during a Monday news conference.

Senate Passes Heavily Amended GERS Bail Out Bill

The governor’s proposed bill that aims to bail out the Government Employees' Retirement System was passed by the Legislature at a Friday special session, the culmination of Thursday’s Finance Committee hearing that moved into special session before being recessed.

Split Finance Committee OKs Pension Bail Out Bill With Hesitations

The Senate Finance Committee on Thursday narrowly advanced Gov. Albert Bryan Jr.'s bill that aims to bail out the Government Employees' Retirement System by securitizing the territory’s Matching Fund debt.

Bryan Urges Senate to Approve Securitization Bill

With the V.I. Senate set to convene on Tuesday, Gov. Albert Bryan Jr. on Monday urged lawmakers to put politics aside and support a bill for securitizing the territory’s matching fund debt, which would bring about $200 million into the territory over the next three years.

Senate Hears New and Old Proposals for GERS

Sen. Janelle Sarauw asked why the Government Employees' Retirement System of the Virgin Islands kept a consultant firm on contract for seven years when all she heard from the consultant was the system needed “a significant infusion of cash.”

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