To administer the retirement benefit plan for government employees, elected public officials and retirees as mandated by law in a professional and prudent manner; to manage the Retirement Fund assets and to maximize investment returns. The Government Employees' Retirement System of the Virgin Islands GERS , enacted by the Third Legislature of the Virgin Islands on June 24, by Act , was created as a defined benefit pension plan for officials and employees of the Government of the Virgin Islands, and for their dependents and beneficiaries, for the payment of retirement annuities, disability annuities and other benefits. It is today one of the oldest pension systems under the American flag. Thomas and is referred by many as the "Gem of the Caribbean. GERS also owns an additional 2.
GRUFF Offers Solution to GERS; Retirement System Sets Town Hall Meetings
Retirees | USVI Division of Personnel
United States Virgin Islands Gov. Albert Bryan Jr. In addition to refinancing its matching funds bonds, and taxing legalized marijuana, the governor is now suggesting a sales tax on retail items imported to the island. Total long- and short-term debt outstanding for the U. Virgin Islands government as of Sept. These figures exclude the debt of the Water and Power Authority. The government withdrew the proposed bond refunding in late September due to what Virgin Islands Senate Finance Committee Chairman Kurt Vialet said was a lack of investor interest due to a cap on interest rates.
GERS & UVI Closes Sale of Former West Bay Supermarket Building
Virgin Islands Gov. Bryan addressed these and other financial topics in his annual state of the territory speech Tuesday evening. This year we will likely sell off even more. The system is in an accelerating death spiral. And for every day that goes by without taking definitive action to reverse the failing of the Government Retirement System, the decisions that ultimately need to be made become more painful and more costly.
And, only cooperation between Gov. Albert Bryan and the Senate on a solution to the pension plan's downward spiral can save government retirees' future income. About people on Thursday evening attended the second of three townhall meetings sponsored by GERS in the territory. Thomas was smaller and more forgiving than their counterparts who attended the St. Nibbs told retirees.