U.S. VIRGIN ISLANDS — Governor Albert Bryan Jr. on Monday signed an executive order establishing an Advisory GERS Funding Task Force to create a funding plan for the Government Employees’ Retirement System.
“While we await the Senate’s approval of other proposals I have made to shore up the Government Employees’ Retirement System, the Bryan/Roach Administration will continue to find and all possible plans to keep this vital system solvent,” Governor Bryan said.
The task force will consist of 12 members – including a member selected by the Delegate to Congress; two members chosen by the Senate President; one member who is a retired government employee; and one government employee with less than 8 years’ experience and who is 35 or younger – who will act as advisors to Governor Bryan and will meet monthly and continuously until their mission is accomplished.
“I look forward to the recommendations of a task force of financial, business, tax and real estate experts, along with other experts from the private sector who will focus on the crisis facing the pension system for current and retired government workers,” Governor Bryan said.
The Advisory GERS Funding Task Force is charged with:
- Exploring options for a short-term bailout or temporary options and more permanent restructuring of the retirement system that incorporates and applies to current and future retirees.
- Exploring amendment of the current GERS law and proposing recommendations for drafting new GERS provisions within the GERS Funding Plan.
- Developing funding measures for payment of GERS obligations and the elimination of future obligations.
- Creating and preparing the GERS Funding Plan for presentation to the Governor.
Once all Task Force members, who will not be compensated for their participation, are appointed by the Governor, the group will have four months from the date of composition to present an initial GERS Funding Plan to Governor Bryan.