Virgin Islands Govt Failed To Make Payments To G.E.R.S. Because Of Financial Crisis

[TexasTowelie]

Gov’t Failed To Make Payments To G.E.R.S. Because Of Financial Crisis, Gov’t House Says, Matter Now Being Addressed

ST. THOMAS — The Government of the Virgin Islands did not make payments to the Government Employees’ Retirement System for three months because of the government’s continued financial crisis, Cherie Munchez, the Mapp administration’s communications director, told The Consortium late Tuesday.

Ms. Munchez said the government is still struggling to maintain liquidity, and G.E.R.S. became a casualty of the lack of cashflow. “That is related to the liquidity issue,” she said. Ms. Munchez added that the administration was working to rectify the problem, and that Dept. of Finance Commissioner and Public Finance Authority Executive Director, Valdamier Collens, had been in talks with G.E.R.S. following media reports of the nonpayment.

“Commissioner Collens has reached out to G.E.R.S. and we’re currently seeking a measure to arrange for payments to bring ourselves current,” she said.

On Tuesday, Delegate to Congress Stacey Plaskett announced that she had written to the Mapp administration, as well as the 32nd Legislature, seeking a response to the issue.

Read more: http://viconsortium.com/business/govt-failed-to-make-payments-to-g-e-r-s-because-of-financial-crisis-govt-house-says-matter-now-being-addressed/