Northern Marianas senator: 'It will be a struggle next year'
The move to revoke the casino license of Imperial Pacific International (CNMI) LLC is concerning as, according to Sen. Paul A. Manglona (Ind-Rota), this means the government will struggle starting next year with paying the $40-million minimum annual payment to the NMI Settlement Fund.
The CNMI may be fortunate this year to have the American Rescue Plan Act money to subsidize government operations across the board, Manglona said, but it appears the CNMI may be going back in the coming years to when it was plagued with lack of revenues.
“And I hope not to see the day when we have to cut 25% [of benefits] from the retirees,” he said Friday at a Senate session.
The Settlement Fund is obligated to pay CNMI retirees 75% of their benefit payments. The government has the discretion but not obligation to cover the remaining 25% balance.
Read more: https://www.saipantribune.com/index.php/it-will-be-a-struggle-next-year/