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Town Hall Attendees Express Pessimism About GERS’ Future

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.

GERS Administrator Retiring, Board Chairman Steps Down

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.

Senate Sends Securization Proposal to Committee for Further Review

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.

Government Retirees Transitioning to Medicare Advantage Plan

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.

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.

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 Creates GERS Funding Task Force, Echoing 2011 DeJongh Move

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.
St. Thomas GERS building (Source photo by Don Buchanan)

GERS Board Recommended Benefit Cut Effective Jan. 1

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.

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.

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