Tag: GERS
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.
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.
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.
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.
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.
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.
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.
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.