The Government of the V.I. came through Thursday with a payment to the Government Employees Retirement System of almost half a million dollars for the Sept. 30 payroll, but GERS Administrator Austin L. Nibbs appears ready to keep pressure on the V.I. Department of Finance.
Last week Nibbs told the GERS Board of Trustees at its regular meeting he would stick to the letter of the law. The law, according to Nibbs, “requires that all employee and employer contributions must be paid to the GERS before a retiree can receive an initial annuity payment.”
That meant that government employees retiring in October would not receive checks if the V.I. Government did not pay its share to the system before Wednesday, Oct. 10.
In an email to the Source, Nibbs said that after the meeting Thursday GERS received from the Department of Finance $485,959 due for missing employer contributions for the new retirees on the Sept. 30 payroll.
However, he added that missing employer contributions of $696,106 were due for the Oct. 15 retiree payroll. He said this amount must be received by noon Wednesday in order for new retirees to placed on the Oct. 15 payroll. Retirees receive two checks a month – one in the middle of the month and one at the end of the month.
A special meeting of the Board of Trustees has been scheduled at that deadline. The meeting notice sent out Friday said the meeting would be an executive session, in other words, it will be closed to the public.
Cut checks ONCE a money. BAM! Thousands of dollars save right there. Also, eliminate lavish food catering at meetings. Again, hundreds, if not thousands, saved. Nibs once said that the money for catering was negligible, but if one is desperate for money, STOP spending it on unnecessary things. It ALL adds up. These practices are but one little clue as to why GERS cannot manage its money. Not to mention a deplorable investment history. Time to clean house.
“While he acknowledged that GERS is facing insolvency in a few short years, he questioned why the cost to serve food to trustees at the meetings would be a concern.
“How much is a breakfast?” Nibbs said.”
Quote from article in V.I. Daily News, 1-27-17
This particular breakfast included eggs, meat, pancakes, waffles, fruit, juice and coffee, all in elegant chafing dishes. Also, according the he article, catered meals are common in VI government meetings across the board. Evidently no splurge on taxpayer’s dime is too expensive for these kings and queens.
Nibs and his breakfast buddies don’t need a government retirement check. They already have their hand in all the pots and pockets of the retirees and future retirees. Map knows this , that is why he held on to the money for so long. Why give it to them to squander when he can squander it himself. There is a saying” A thief knows theif and a con knows a con.”
They can’t cut a one time check because they are living from hand to mouth, taking from Peter to pay Paul. It’s called the “me” mentality!