2 Aug 2013

CNMI governor says pension cut is just deferment

1:26 pm on 2 August 2013

The governor of the Northern Marianas has assured retirees that the proposed 25-percent cut in their pension is only a deferment and not a permanent reduction.

Eloy Inos says the 25 percent deferment will be restored when there is a new source of funds or when the pension agency reaches some level of financial stability.

He has acknowledged that lawmakers have raised a legitimate concern about the impact of such a deferment on retirees who get 6,000 to 10,000 US dollars in pension a year.