Northern Marianas retirees to receive $3.5M in bonuses Thursday
SAIPAN – The Department of Finance has already transferred $3.5 million of funding to the Retirement Fund last Wednesday, and disbursement of these funds for the purpose of paying the retirees of their bonus is set for Thursday, the administration said.
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“Benefits to survivors include a surviving spouse without qualified children will receive an equal share of the bonus just as a retiree. A surviving spouse with minor children and/or children over 18 and under 22 years of age who are full-time students at an accredited educational institution will also equally share the bonus based on what is determined to be a retiree’s share,” Larson said in a media release.
She also added that a surviving minor child or children, and/or child and children over 18 and under 22 years of age who are full-time students at an accredited educational institution, will equally share the bonus based on what is determined to be a retiree’s share. A surviving minor child or children under the supervision of a legal guardian will equally share the bonus based on what is determined to be a retiree’s share.
“The Settlement Fund has determined that each retiree will receive $1,230.66. Survivors (spouse and/or children) of a deceased retiree will equally share the $1,230.66,” said NMI Settlement Fund Administrator Lilian Pangelinan.
Read more: http://www.postguam.com/news/cnmi/retirees-to-receive-m-in-bonuses-thursday/article_f91e8a20-cb3e-11e6-8db5-3b0eaf3f8184.html