GERS Focus Of King Day March
Fahie says theme of peaceful rally, “We Shall Overcome” is most appropriate on the day set aside to honor Dr. Martin Luther King, Jr.
“Coach” Fahie is sponsoring the “We Shall Overcome” march and rally to protest inequities he sees in how government employees are being treated by the Government Employees Retirement System (GERS) as a result of provisions in Act 6794.
The march and rally will begin promptly at 9 a.m. on Monday, at Basin Triangle, St. Croix, and Fahie says don’t be late.
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Fahie, a long time vocal activist concerning the system, is protesting the provisions and impact of Act 6794, a piece of legislation that has significantly changed the benefits of the government’s retirement system.
Two recent events – the late notification to retirees that they must make “catch-up” contributions to the system before being able to qualify for benefits and the government’s decision this week to loan $3.3 millions to Seaborne Airlines and $15 million to the Carombola Hotel and Resort on St. Croix, have heightened the tension around the use of the GERS funds.
We will run an analysis of the Act and its impact later this week.
And just look at who sponsored the bill in the 26th legislature…Ronnie Russell, King Hill, Roosevelt David, Nelville James, and Pete Encarnacion!!!!!!!
Why we continue to put in those who do not look out for us is amazing to me.
Thank you Coach Foy for standing up to these clowns in the government.
http://www.legvi.org/vilegsearch/Detail.aspx?docentry=4160
The incentive for the Senate to pass the changes in the GERS was centered on the FACT that all of them benefited by being allowed to retire with 100% of their salary of $85,000.00 (after 20 years) verse 75% of the $65,000.00 retirement cap pegged on to regular employees.
Even in the case of a school principal whose salary too would be $85,000, he/she would be capped at $65,000.00.
The school principal would retire with $48,750 after 30 years (because of the retirement cap of $65,000) while a senator will retire at $85, 000 after 20 years because the changes in GERS have removed the senators’ retirement cap.
In other words, (for those of you who still do not get it) the changes in GERS have reduced the benefits to the regular employees but have increased the benefits to the senators.
This is why MOST OF THEM WILL EVER TOUCH IT!
Oh, your governor has benefited as well: his salary has increased from $85,000.00 to a whopping $150,000.00
That was their way of saying, welcome deJongh and enjoy your new salary and secured mansion. You elected them. Foncie said he would change the situation and Nellie said she would kick down the door. Have you seen any senator trying to repeal Act 6905? They fool you all the time!Guess, what’s next? We will put them back in office and Foy will continue to beg and sound like an idiot!
Foy,cry!Scream and dream! You may overcome this time!
What manner of man are you?
Foy is not an idiot. There is a difference between a sheep and a Ram.
Too much of you are too sheepish. Too willing and too quiet.
Like sheep, it matters not that you see, hear, and smell the slaughter!
I’m not sure why anyone would ridicule Foy’s attempts to keep some attention on this retiree issue. It’s not begging for people to expect the benefits they were promised and worked for and it seems that many were unaware of the changes this law would have on how they got their pensions.
I give him credit for taking the lead on this and the participation in the march will show whether it’s an issue that others feel are valid.
He organized a protest at the GERS Building and only two other people attended. How serious do most people take Foy? Perhaps, he should let someone else speak for him. It is difficult to get his point through all the senseless blabbering and bawling.
Anyone who has contributed to GERS should be out tomorrow at Basin Triangle at 9 am. The GERS funds are yours for your present or future retirement. The government has no right to use the money for other interests.
Coach Foy should be appreciated for providing us with such an EASY WAY to protest and show alarm rather than looking the other way as we usually do. If you care…plan to be there!
@Anonymous
It may be true that turnout was low at the prior event. But I believe that was before people started to understand toward the end of the year what the new provisions really meant, like having to pay money before they could receive benefits.
As I posted earlier, the turnout will tell the tale. I for one, if I were a government employee, would certainly feel it was attending.
Sorry – I would certainly feel it was worth attending.
Horray for Coach Foy!
Continue to blow the conch shell and keep up the good work!
If Foy wants a great turn out, he may have to get Stanley to lead a tramp as was done on Three Kings Day and then offered the people-them a free Cruzan-Puerto Rican breakfast in the market.
THEY COME OUT FOR THAT!
WILL THEY COME OUT FOR THIS?
Are these the same people-them expected to make a change come November 2010?
Maybe that is the reason why Dejongh feels certain of re-election.
Let’s stop being gutless cowards and chicken sh_t.Stop the lip service on the talk shows be like the Puerto Rican’s and the Arabs and countless others.Get unified,stop the talk this is 2010.
You might not like it or want to say it but i know you think it sometime,maybe all the time,some politicians and people in high places needs to get beat so they can stop they bulls–t!
I will be in bed, but I do hope those who attend get satisfaction.
What will be accomplished?
Having to pay ‘catch up contributions before being able to qualify for benefits’is saying there are employees who are so delinquent.For that to be so,then it means the government (who automatically deducts those contributions for remittance to the GERS) is not making those payments to the system on a timely basis.If that is the case,how can it be determined that THE EMPLOYEE is delinquent? These late payments have been going on for many,many years and the GERS Board of Trustees needs to take the government to court.Also,didn’t the Retirement System lose millions of dollars worth of investments last year and now suing the investment company to recoup their losses? I see nothing inherently wrong with the loaning of funds to Seaborne Airlines and the Carambola Hotel PROVIDING the lending documents includes every protection to the lenders and fair return will be realized on said loan(s). The funds collected for the GERS is not a slush fund and every effort must be made to insure the safety of those funds.
@Soldier – you raise some valid points. To add to the muddle, employees have said that when they go the the office to set up payment plans for these “catch up” funds that GERS staff cannot even tell them the total amount of what they owe. Or others who have said they went in and were given one total, secured a loan in that amount, and were then told that the actual amount owed was more.
If has been long discussed that there was a significant underfunded liability in that retirement system, and again, this is one of the many, many things we were told that deals like Diageo would address. I’m not a pension expert, but I would hope that there was some type of insurance that protected these funds from negligence on the part of the administrators as this is at best, sloppy bookkeeping and at worst, fiduciary negligence by the GERS board.
I agree #17, we need our GER’s to be protected from Dewolf administration. I just learn that not only have loaned our money to Seaborne and Carambola, but to Paul Golden. Where else is he going to raid; the operation accounts of each hospital and Herbert Grigg Home for the Aged. Dewolf is out of control and we need to stop him before we become the poorest country in the Western Hemisphere.
‘Clock’:WE’re talking about two different issues here.My comment was geared toward that of DELINQUENT (‘catch up’) CONTRIBUTIONS.Delinquent LOANS,on the other hand,is a different kettle of fish.There are mortgage loans,personal loans,loans for the purchase of lands and automobiles etc.etc.and I can see where those payments would have to be current and up-to-date before any benefits can be paid to a retiree.That,I’m sure you’ll agree,makes sense.But the problems you cite of employees not knowing what their true balances are…is unacceptable.Any employee who finds themselves in that situation needs to submit to the GERS a copy of the payment voucher they should have received along with the check they got for the money they borrowed,and copies of the receipts showing payments made.Simple math will then
determine the balance owed.Of course,interest payments will have to be taken into account.
Correction:I meant to make the distinction between delinquent CONTRIBUTIONS and delinquent LOAN PAYMENTS….
not delinquent LOANS.