1 Jun 2012

CNMI house fails in retirement fund veto override

8:14 am on 1 June 2012

The CNMI House of Representatives has failed to override the Governor's veto of a bill allowing non-retired members of the Northern Marianas Retirement Fund to withdraw up to 50 percent of their contributions.

It comes to the disappointment of some 100 employees who filled the House lobby and chamber on Capital Hill.

The override action on Gov. Benigno R. Fitial's veto of the compromise House Bill got only 11 "yes" votes.

This was short by three "yes" votes to meet the required 14 votes or two-thirds of the 20-member House.

The Fitial administration had urged the House to work on a modified version that will not impede its plan to get into the U.S. Social Security system, which would require an estimated $60 million in employer-employee contribution for a five-year buyback.