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March 30, 2004 — In a seminar to inform the public, Senator Roosevelt St. C. David discussed the recent actuarial study presented to the 25th Legislature. "We have found out through this study that the trend continues with the Government Employees Retirement System. We are paying out approximately $ 50 Million more than the system takes in annually which will cause the system to crash within ten years." Senator David told those in attendance.
Senator David continued to inform members of the community as to what this means to retirees. "Thousands of people who have invested in the system, so that they can receive monthly benefits for their livelihood after retirement, will be sadly deprived of what is rightfully theirs. Earnings that retirees depend on in their golden years will not be available, and this is not far fetched, this is as real as the sun sets." Senator David declared that this is indeed a ‘grave matter.’ "The silence is deafening among those of us who would pay the price most cannot afford."
"It is clear," Roosevelt David put in the picture, "6,000 checks not in the mail to pay our retirees." We cannot continue to place blame on a computer glitch, we can no longer point figures at the finance department or the banking institutions, at the end of the day, blame will not put food on our families tables." Senator David added, "The pain and stress will be too overwhelming for recipients to endure. The system will be broke, there will be no money to pay obligations, and we will be left with no other alternative but federal takeover of yet another Virgin Islands Government entity."
"We must not allow the deprecation of the GERS to happen, for our retirees deserve more, they deserve better, and they deserve retirement." Senator Roosevelt David affirmed. "I will not let one retiree go without medicine, food, able to pay their utilities, make their car payments and mortgages, not after 40 years of hard labor, not on my watch." Senator David declared.
"I am convinced that members of this community do not want this to happen, we must do something now before this becomes a reality. We know what must be done, yet some of us lack the moral fortitude, and political will to take the corrective measures to prevent an impending disaster." Senator David made mention.
Senator Roosevelt St. C. David concluded, "No matter how this situation is viewed, we have a system that is ill and must be cured. I am ready to make the tough decisions necessary. I urge my colleagues to be willing to do the same. The hour is late, and lest we be caught like the five foolish virgins, we must, for the sake of all of us, take decisive action, now."
