27 Jun 2006

CNMI Retirement Fund to study law change

2:03 pm on 27 June 2006

The board of the Northern Marianas Retirement Fund has commissioned an impact study to be done on the recent enactment of retirement laws.

The CNMI Legislature has just passed three bills into law allowing the government to cut back on its obligation to the Retirement Fund and ease the government's huge debt burden.

But the chair of the Retirement Board Joseph Reyes told the Saipan Tribune it will challenge the government's action through the court, in an effort to protect the financial security of the Fund.

He says the Fund will petition for a temporary restraining order or a law suit against the government shortly.