Gov. Lolo Matalasi Moliga wants the ASG Employees Retirement Fund (ASGERF) board to assess other sources of revenue and current fund costs in order to ensure that other options are explored before implementing the board’s proposed hike in contributions from both employee and employer, says Iulogologo Joseph Pereira, the governor’s executive assistant.
Last month the board invited the governor and Fono leaders to meet in Honolulu with the fund’s Actuary Consultant, Sage View and the fund’s investment consultant Jim Garrels to enable the government to get a better understanding about the assistance the board needs to recover the value of the retirement fund. (See Samoa News edition Mar. 31 for details.)
The meeting was held more than a week ago in Honolulu, right after Flag Day celebrations, wherein the board outlined its proposal to increase contributions from the members, from the current 11% combined contribution (3% from the employee and 8% from the employer) to 15% or 16% as suggested by the actuarial report.
Responding to Samoa News questions, Iulogologo said over the weekend that the governor was not present at the meeting because he had stayed back to ensure that he was home if Hurricane Amos hit the territory.