Post by Logan on Jun 27, 2016 0:34:07 GMT -6
Defying Law, G.E.R.S. Says It Will Not Reinstate Loan Program
ST. CROIX — During a board meeting held today, the Government Employees’ Retirement System Board of Trustees voted unanimously to not reinstate the loan program it suspended ten months ago.
The move falls in direct conflict with a recent bill, sponsored by Senators Kurt Vialet and Kenneth Gittens, that is now the law of the land after winning the approval of Governor Kenneth Mapp.
“The trustees, after reviewing the system’s liquidity, cash flow, obligations to the current and future annuitants, and the prudent investor rule with respect to alternative investments, the Board of Trustees determined that to reinstate the loan program at this time would breach their fiduciary responsibility to the fund and the members,” G.E.R.S. said in a statement.
Mr. Vialet, in speaking with The Consortium this afternoon, expressed his frustration with the board’s decision, calling it a “malicious” act by a board that is “hellbent on keeping the people of the Virgin Islands hostage.”
Read more: viconsortium.com/business/defying-law-g-e-r-s-says-it-will-not-reinstate-loan-program/
ST. CROIX — During a board meeting held today, the Government Employees’ Retirement System Board of Trustees voted unanimously to not reinstate the loan program it suspended ten months ago.
The move falls in direct conflict with a recent bill, sponsored by Senators Kurt Vialet and Kenneth Gittens, that is now the law of the land after winning the approval of Governor Kenneth Mapp.
“The trustees, after reviewing the system’s liquidity, cash flow, obligations to the current and future annuitants, and the prudent investor rule with respect to alternative investments, the Board of Trustees determined that to reinstate the loan program at this time would breach their fiduciary responsibility to the fund and the members,” G.E.R.S. said in a statement.
Mr. Vialet, in speaking with The Consortium this afternoon, expressed his frustration with the board’s decision, calling it a “malicious” act by a board that is “hellbent on keeping the people of the Virgin Islands hostage.”
Read more: viconsortium.com/business/defying-law-g-e-r-s-says-it-will-not-reinstate-loan-program/