5 Aug 2005

Islands aim for pact with US social security

10:15 am on 5 August 2005

A new social security agreement signed by the Presidents of the Marshall Islands, Palau and the Federated States of Micronesia will offer new benefits to retirees in these three north Pacific nations and is expected to launch the first negotiations aimed at cooperation with the United States social security system.

The agreement will allow an islander who worked in more than one of these

three nations to collect retirement payments from each island.

If a retiree didn't earn enough quarters to qualify for retirement in

one jurisdiction, the agreement will allow them to combine their quarters

to receive money from the respective entities where they worked.

Because all three nations were former American territories and still have close ties with the US, the three presidents have directed their social security systems to engage in talks with their U.S. counterpart to develop a similar agreement that will benefit the thousands of islanders now living and working in the U.S.