Tag: Government Employees Retirement System (GERS)

St. Croix Senator Pushes For More Fiscal Accountability At WAPA

CHARLOTTE AMALIE — Senator Kenneth L. “Kenny” Gittens is asking his colleagues to reconsider authorizing an independent investigation of the Virgin Islands Water & Power Authority following Monday’s Committee of the Whole hearing to address ongoing concerns at the utility, to include a problematic November 2021 audit report.  “While I do think some positive steps have […]

Governor Bryan Presents $90 Million As First Installment From Bond Sale For GERS

Almost $600 million to be given to GERS through 2024 with $3.8 billion to be paid into the pension system over the next three decades CHARLOTTE AMALIE — Governor Albert Bryan today presented a check for almost $90 million to the Government Employees’ Retirement System (GERS) as the first installment of payments that will go […]

Governor Bryan Closes On Bond Sale To Stave Off GERS Insolvency

Matching Fund Special Purpose Securitization Corporation will use significant savings from refinance of Rum Cover-Over Bonds to provide long-term stability to retirement system WASHINGTON — During his trip this week to the nation’s capitol., Governor Albert Bryan signed documents to execute the sale of reissued Rum Cover-Over Bonds, creating significant savings in debt-service and interest […]

Bryan Thanks Legislature For Authorizing Refinancing Of Government Debt To Aid GERS

CHARLOTTE AMALIE — Governor Albert Bryan issued a statement today thanking the 34th Legislature for passing the Securitization Bill that will allow the Government of the Virgin Islands (GVI) to refinance Rum Cover-Over Matching Fund Bonds and use the savings to provide a steady revenue stream for the Government Employees’ Retirement System (GERS) and return it to solvency. […]

Bryan Calls Legislature Into Special Session On Debt Refinancing Plan For GERS

CHRISTIANSTED — Governor Albert Bryan on Monday said he is calling the 33rd Legislature back into Special Session on December 29 to re-address his proposal to refinance the government’s debt. Bryan’s plan is to get a better interest rate and generate funds from the savings that can be used to shore up the Government Employees’ Retirement System […]

Senators Nix Governor’s Securitization Bill; Bryan Says Puerto Rico Is Floating A Similar Bond Scheme

CHARLOTTE AMALIE — Members of the 33rd Legislature convened in Special Session at the governor’s request on Tuesday and voted down Bill No. 33-0446- that would have created a “Matching Fund Securitization Corporation.”  “Once again, we are vetting the bill regarding the Matching Fund Securitization Corporation. There were three meetings previously held on August 25th, August […]

Bryan Meets with Senators, GERS Officials To Create Solutions To Unfunded Retirement System

CHRISTIANSTED — Governor Albert Bryan is trying to find ways to avoid a possible 42 percent cut to its government pensions effective January 1. In addition to refinancing its matching funds bonds, and taxing legalized marijuana, Bryan is now suggesting a sales tax on retail items imported to the territory. The Government Employees Retirement System […]

Virgin Islands’ Matching Fund Securitization Corp. Seeking $1 Billion From The Financial Markets This Week

CHARLOTTE AMALIE — The Virgin Islands’ Matching Fund Securitization Corporation will seek to refinance nearly $1 billion in outstanding matching fund bonds this week. The Legislature approved the deal in a Special Session held Thursday night. Senators passed the bill on an eight-to-six vote. The Matching Fund Securitization Corporation is a special purpose, independent and […]

Bryan: Debt Consolidation Will Produce $255 Million Over Next 3 Years, Calls Legislature Into Special Session

CHRISTIANSTED — Governor Albert Bryan Jr. said today the territory can bank $255 million over the next three years if the government consolidates its debt right now. The governor has proposed legislation that will create a “significant” revenue stream for the U.S. Virgin Islands and reduce overall interest rates on the territory’s current debt. He is […]

Governor Bryan Issues Statement On Proposed Use Of $39 Million Medicaid Reimbursement

CHRISTIANSTED — Governor Albert Bryan, Jr. issued the following statement today on the proposed use of a one-time $39 million Medicaid reimbursement to the government of the U.S. Virgin Islands:“The Bryan-Roach Administration has made its priorities clear to the public and will continue its work toward those priorities.” “Since taking office in January, the Bryan-Roach […]