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Monday, January 25, 2021
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Governor Urges Residents to Prepare for ‘Financial Tsunami’

With a budget shortfall of $150 million for this fiscal year, which runs through September, Gov. Albert Bryan Jr. urged residents to brace for the “financial tsunami.”

GERS Hears Plan to Save the System, Including Steep Cuts

The Government Employees Retirement System trustees heard a plan to save the failing pension system, but it will take 20 years and see present retirees’ monthly checks cut by 44 percent.
St. Thomas GERS building (Source photo by Don Buchanan)

V.I. Government Challenges Order to Pay GERS Overdue Funds

The dispute over unpaid funds owed by the U.S. Virgin Islands government to the Government Employees Retirement System is bound for federal appellate court.
Members of the Board of Education answer senators' questions during Tuesday's hearing. (Photo by Barry Leerdam for the V.I. Legislature)

Inspector General, Board of Ed Chair Clash Over Audit Findings

More than $3.3 million in spending by the Board of Education came under question in a newly released report from the Virgin Islands Office of the Inspector General. The audit report containing details made headlines late last year.
St. Thomas GERS building (Source photo by Don Buchanan)

GRUFF Offers Solution to GERS; Retirement System Sets Town Hall Meetings

“Insolvency Is Not An Option” is the title of town hall meetings the Government Employees Retirement System will host next week. Government Retirees United for Fairness has found an idea and asked the GERS board to fund its effort to make it happen.

Senators Criticize Carambola Sale, Want More Experienced GERS Board

The Senate Committee on Government Operations, Consumer Affairs, Energy, Environment and Planning OK’d a bill Thursday that would require board members of the Government Employees Retirement System to have greater financial expertise.
Attorney General Denise George. (2019 Government House photo)

Senators Hold Bill Targeting Pensions of Government Employee Felons

Though no testifiers were present at the Senate Rules and Judiciary Committee hearing Thursday, their submitted testimonies found Bill No. 33-0216 “too harsh” in terms of punishment for government employees who are convicted of certain felony offenses. The committee decided to hold the bill for further amendments and discussion.
GERS board member Stephen Cohen takes part in the video conferences from St. Croix to St. Thomas. (Source photo by Don Buchanan)

Brutal Consequences May Be Coming for Retirees

Government employees resigning and taking out what they have in the Government Employees Retirement System will accelerate the system’s free fall to bankruptcy.
Gov. Albert Bryan Jr. discusses his administration's priorities toward reducing property and homelessness during a meeting with members of the Virgin Islands Interagency Council on Homelessness Tuesday in Government House on St. Croix. (Government House photo)

Bryan: Expand Cannabis Law, Send Taxes to GERS

Gov. Albert Bryan Jr. has unveiled legislation broadening the territory's new medical cannabis law, with new taxes directed mostly to the failing Government Employees Retirement System, as well as new rights for Rastafarians and other changes.
At Monday's GERS meeting, Gov. Albert Bryan Jr. (center), Bryan's chief of staff Karl Knight, and David Bornn, chief legal counsel to the Office of the Governor. (Government House photo)

Governor, Pension Board and Senators Brainstorm for GERS Solutions

Gov. Albert Bryan Jr. and his senior staff met Monday with the Government Employees Retirement System's Board of Trustees, GERS Administrator Austin Nibbs and Virgin Islands legislators to discuss solutions to the unfunded liability of the pension system.

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