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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.
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.
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.
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.
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.
The Government Employees' Retirement System governing board voted to not renew the West Indian Company's management agreement for Havensight Mall.