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With the Government Employees’ Retirement System possibly headed toward insolvency within three years, the University of Virgin Islands' CELL program has its work cut out for it as it tries to come up with a five-year strategic plan.
As the Government Employees’ Retirement System moves closer to insolvency, two key players – Austin Nibbs, administrator, and Wilbur Callender, chairman of the board of trustees – have announced departures from their positions.
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.
All government retirees age 65 and older, along with their dependents, will transition to a Medicare Advantage plan that offers a host of benefits, V.I. Personnel Director Dayna Clendinen said on Monday during a virtual news update.
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.
Gov. Albert Bryan Jr. signed an executive order Monday establishing an Advisory GERS Funding Task Force to create a funding plan for the Government Employees' Retirement System.
The board of the Government Employees Retirement system has recommended a 42 percent reduction in practically all benefit payments. The reduction would take effect on Jan. 1.
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.
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