BILL NO. 30-0318 CO-SPONSORED BY SENATOR TREGENZA A. ROACH SIGNED INTO LAW BY GOVERNOR deJONGH Thousands of retirees in the Territory will receive retroactive pay that they have been waiting for since 2010, as a result of a bill co-sponsored by Senator Tregenza A. Roach which has now been signed into law by Governor John P. deJongh Jr. “I am pleased with the action taken by the Governor; by signing the bill into law, retirees will receive refunds of monies being held unlawfully by GERS since 2010,” said Senator Roach. When the payment of 16% of the retroactive pay due to all government employees was authorized in 2010, persons who were entitled to payment, but had retired and were receiving a retirement annuity, by law, could not have their annuity recalculated to include the payment. This notwithstanding, a sum was provided as a contribution to GERS on behalf of these retirees. Since that time, GERS has been holding the money because its position was that it did not have authorization to release the money. This law gives GERS the authorization. “When my colleagues and I came together to research and draft this legislation, my position was two-fold. Firstly, there was no denying that retirees rightfully deserved their payments refunded. Our retirees are facing tremendous financial setbacks and after years of serving the Government of the Virgin Islands they should not be slighted in any way. It was our duty as legislators to find an effective way to address this matter. Secondly, if inaction continued, litigation would have been the next step if inaction continued. In this instance, there would be no benefit to anyone if a retirement system that is already suffering, had to expend resources fighting unnecessary legal battles,” said Senator Roach. “The payment to our retirees of their retroactive salaries along with interest at the statutory rate of 9% interest, will not only aid retirees, but also contribute to our struggling economy. Monies returned to residents whether in the form of retroactive wages, tax returns, or other government debts can stimulate the economy when persons are able to spend newly acquired funds. Money coming in to the people of the Territory also means monies going out into the economy,” said Senator Roach “The session called by petition was a necessary and proactive step of the 30th Legislature. The bill was voted on as amended and received full support from the body. The Legislative branch is faced with taking bold steps to bring about financial relief and revenue generating options for the Territory. I will continue to address the most critical and vexing concerns of my constituents as I am committed to making informed decisions to bring about needed solutions,” said Senator Roach.
Posted on: Wed, 19 Mar 2014 20:16:39 +0000
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