Tag: Government Employees Retirement System of the Virgin Islands (GERS)

GERS Chief Preparing $7.7 Million Lawsuit Against WAPA For Payment Failures

CHARLOTTE AMALIE — The Government Employees Retirement System of the Virgin Islands is preparing a lawsuit against the financially-strapped Water and Power Authority for about $7.7 million in past due money. At issue are past due employees’ and employer’s contributions and employees’ loans as well interest on these sums. WAPA has failed to forward the […]

Bryan Hopes Refinancing $800M In Bonds Will Stake GERS System For The Next 30 Years

CHARLOTTE AMALIE — Governor Albert Bryan is refinancing more than $800 million worth of bonds following numerous attempts to save the GERS pension system that officials say faces certain collapse otherwise. Governor Bryan signed the bill this week and says the savings from improved interest rates will help stabilize the Government Employees Retirement System for at least […]

Governor Bryan Calls 33rd Legislature into Special Session To Act On 2nd Securitization Proposal

CHARLOTTE AMALIE — Governor Albert Bryan, Jr. has called the 33rd Legislature into a Special Session to take action on his proposal to reauthorize the Matching Fund Securitization, as well as to address two other legislative matters.   Bryan set the date for the session as December 3.   The governor’s proposal seeks to increase […]

V.I. Government Has Until Wednesday To Tell Feds How It Will Come Up With $213 Million Owed To GERS

CHARLOTTE AMALIE — The Government Employees’ Retirement System of the Virgin Islands (GERS) is seeking a court order for the government to pay at least $213 million allegedly owed to the system. U.S. District Court Judge Curtis Gomez said on Tuesday that the Virgin Islands government owes at least $41 million and he gave until […]