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GERS administrator warns bill 35-0428 would create unfunded liabilities; letter to governor urged action
Summary
The Government Employees Retirement System (GERS) administrator told trustees that GERS staff quickly reviewed bill 35-0428 and told the governor a key section should be removed because there was no actuarial study or funding for the proposed benefit changes.
Administrator/CEO Dawson told the Government Employees Retirement System board on Jan. 23 that staff prepared a written response to the governor about bill 35-0428, raising concern that one section would grant early retirement benefits without the required actuarial analysis or funding. "There has certainly been no funding set aside for the current and future costs," Dawson read from the letter he said staff sent to the governor.
The administrator said GERS had roughly one day to respond because of timing constraints in the territory's…
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