In anticipation of the upcoming Fiscal Year 2023, the Administration has renewed its pledge and promise to NMI Retirees by committing public taxpayer funds to cover the first quarter of FY2023 to pay for their additional 25% pension benefits, which is on top of the 75% mandated pension under the U.S. District Court stipulated and approved settlement agreement.
According to Secretary of Finance David DLG. Atalig, $3.27 million, or $545,000 bi-weekly, will be remitted to the CNMI Retirement Settlement Fund to cover the first quarter of FY2023 for the period October 1, 2022 to December 31, 2022, as committed by Governor Ralph DLG. Torres.
According to Secretary Atalig, “the record will unequivocally show that Governor Torres has promised to prioritize our NMI Retirees time and again each fiscal year, since he became Governor to date. Although the 25% is not mandated under the settlement agreement, the Governor has delivered through his actions in remitting this portion amounting to $14-$15 million annually to ensure that each living retiree and/or surviving dependents receive 100% of their well-deserved retirement pension.”
“I cannot imagine not taking care of all our retirees and their surviving dependents and not honoring them for their lifetime sacrifices, serving our people, and our beloved island community for many decades. I am not only duty-bound, but it is the most sensible and ethical obligation that we as leaders ought to commit and deliver. Anything less is unacceptable, to be honest,” said Governor Torres.
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