The Government Employees’ Retirement System is adding nearly as many retirees to its payroll as it is removing due to deaths, GERS Administrator Angel Dawson told the board of trustees during a meeting Thursday.
Since October, 217 retirees were added to the GERS payroll, while 210 were removed due to death. The system now sends out more than $11 million in annuity checks every two weeks to 8,775 retirees.
The number of retirees on St. Thomas is 4,061, on St. Croix is 3,467, and on St. John is 224. Stateside, there are 1,658 retirees, and 59 are in Puerto Rico or other islands. Only three are in foreign countries.
Dawson also reported to the board on the integration of new software into the system, V3locity.
According to Dannica Thomas, GERS communication director, V3locity is an upgrade to the benefits administration system. She said it will allow better management of member benefits while allowing members to access and manage their accounts.
“It will offer an improved user experience, streamlined transactions, faster processing, and a more intuitive interface. This upgrade will not only enhance the member experience but also improve operational efficiency,” she said.
Chief Financial Officer Denise Jeremiah informed the board that annuity payments for the year to date were approximately $100,000 higher than last year, totaling $23,111,000.
Dawson reminded the board that a three percent increase in employer contributions was soon to take effect. The board had approved the hike last year over Gov. Albert Bryan’s objection. The board, however, delayed implementation.
Trustees Dwane Callwood, Leona Smith, Vincent Liger, Tahmin Clarke, and Andre Dorsey attended the meeting. Ronald Russell was absent. The meeting lasted 37 minutes.
