ASG Employees Retirement Fund off island consultant Jim Carroll has told senators that the recent value of the Fund’s portfolio was about $169 million, but if contributions into the Fund by both employers and employees had been increased, the government pension plan could be as high as $300 million today.
Carroll, who was on island last week for meetings with the Fund’s board of trustees, made the comments during a Senate hearing last Friday. He was asked by the Senate Budget and Appropriations Committee to report on the status of the Retirement Fund following unconfirmed reports that the value of the Fund’s portfolio is down at this time.
There were also some other issues that senators wanted to know more about. During the 40-minute hearing, Carroll gave senators information including on the US and international markets — which are volatile at this time — as well information on interest rates and investments.
Carroll, who has been a consultant for more than a decade, did note that the Fund can fluctuate day-to-day especially with the market so volatile; adding that news in the world market “has been troubling to put it mildly.”