The retirement program was established to provide retirement, disability, death and other benefits for CNMI Government employees, their spouses and dependents, including its autonomous agencies, instrumentality's and public corporations.
The Enabling Act
The Fund was first established by the enactment of Public Law 1-43 on October 1, 1980. Since that time, the statute was amended several times. On May 7, 1989, the Retirement Fund was overhauled when Public Law 6-17 became effective. This law is codified in Title 1, Division 8, Chapter 3 of the Commonwealth Code. This law brought about the establishment of two classes of memberships. Those who were members of the Fund before May 7, 1989 are classified as Class II members. Those who became members on May 7, 1989 and thereafter, are classified as Class I members. The effects and applications of the recently enacted Public Laws are included in the handbook.
Management Of The Program
A seven member Board of Trustees administers the provisions of the Retirement Fund Act. Members of the Board of Trustees are appointed by the Governor with the advice and consent of the Senate. The Board's composition is as follows:
Administrator and Staff
The day to day operation of the program is handled by the staff, headed by the Administrator. The Administrator is appointed by and serves at the pleasure of the Board of Trustees.
The Board retains the services of a legal counsel, an actuary, investment consultant, a fund custodian and several money managers. The services provided by these individuals or firms assist the Board in carrying out its fiduciary responsibilities. Of paramount importance is the Board's duty to protect and safeguard the assets of the Fund so the when a member retires, there is money to pay the benefits promised.
For More Information
If you have read the handbook and you still have questions or need clarifications, feel free to visit or contact the NMI Retirement Fund office nearest you:
Saipan P.O. Box 501247 Saipan, MP 96950 Tel: (670) 322-3863/64/65/66/67/68/69/70 Fax: (670) 664-8080
Rota P.O. Box 968 Rota, MP 96951 Tel: (670) 532-9485 Fax: (670) 532-9486
Tinian P.O. Box 267 Tinian, MP 96952 Tel: (670) 433-3863