28 Aug 2008

American Samoa retirees to get increase in pensions

9:42 am on 28 August 2008

Officials of the American Samoa Government Employees Retirement Fund say they support an administration bill that calls for a cost of living allowance or COLA increase for retirement fund members.

Acting Governor Faoa Sunia has informed the Fono that the 2 percent COLA hike, if approved, will cover all those retirees who retired from government service prior to or on Sept. 30, 2006.

The proposed increase will be paid retroactively from Oct. 1, 2006 and will increase monthly annuities for 95% of government retirees.

There are currently 1,500 retirees receiving cheques from the fund.

The Chair of the Fund's board Aleki Sene Sr. says the Fund is very healthy and can support the proposed increase.