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SOCIAL SECURITY PENSION WORKSHOP
April , 2016 Majuro, Republic of the Marshall Is.
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N H I
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MONTHLY CONTRIBUTION REVENUE/OTHER INCOME
MONTHLY BENEFIT PAYOUT $525,000.00 $740,000.00 SHORTFALL $215,000.00
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and ACTIVE MEMBERS 3,318 CURRENT CONTRIBUTORS $5,800,000.00
ANNUAL CONTRIBUTION REVENUE ACTIVE MEMBERS $5,800,000.00 and 3,318 CURRENT CONTRIBUTORS
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RETIREES ANNUAL BENEFIT PAYMENT $8,880,000.00 and 1,542 BENEFICIARIES
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$8,880,000.00 $6,300,000.00 ANNUAL CONTRIBUTION REVENUE/OTHER INCOME
ANNUAL BENEFIT PAYMENT
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MONTHLY CASH DRAWDOWN $2,940,000.00 AVERAGE $245,000
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$13,421,000 ($2,980,000) ($9,570,000) ($471,000) ($400,000) MONEY IN
DEPOSIT $13,421,000 ($2,980,000) ($9,570,000) MONEY OUT ($471,000) ($400,000)
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MONTHLY CASH DRAWDOWN $2,940,000.00 AVERAGE $245,000
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$47 Million FY 2007 $19 Million $28 Million FY 2015
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RPPL No. 4-2 RPPL No. 4-10 Borrow money from future retirees Minimum benefit of $50.00 RPPL No. 4-49 RPPL No. 5-41 $172,000,000 RPPL No. 5-45 RPPL No. 6-12
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$28,000,000 September 30, 2015
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$172,000,000 $28,000,000 UNFUNDED ACCRUED LIABILITY $144,000,000
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RPPL No. 9-2 (Became a law on April 30, 2013)
1. Pension Plan Reformed Act 2. Provided for a continues new source of revenue to our Plan. RPPL No (Became a law on August 28, 2014) 1. Amendment to existing law redirecting 15% share of Foreign Fishing Fee to our Plan to payoff prior year debts. When Bill signs a bill RPPL No (Became a law on October 28, 2015) 1. Palau National Marine Sanctuary Act 2. Allocated $25 of the Environmental Impact Fee
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SO………… WHAT’S THE FINANCIAL IMPACT
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RPPL No. 9-2 Remittance Tax Revenue collection in Fiscal Year 2015 is $365,000 RPPL No. 9-35 Now is the time for All good man to come To the aide of their country So what is the bottom Line. Estimated Revenue per year from 15% of Foreign Fishing Fee is $130,000 RPPL No. 9-49 Estimated annual revenue collection based on RPPL No is $3,750,000 $ 4,245,000 So……What’s the financial impact…(Estimated)..?
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$ 5,800,000 $ 495,000 $ 3,750,000 $13,421,000 $10,045,000 $3,376,000
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MONTHLY CASH DRAWDOWN aa $2,940,000.00 AVERAGE $245,000
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$ 18,383,508
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$ 27,143,000
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$ 40,884,387 September 30, 2006
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$ 18,383,508 $ 8,759,492 $ 40,884,387 September 30, 2006
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$ 68,027,387 If we did not withdraw funds from
our investment during the last 10 years FAIR MARKET VALUE OF OUR INVESTMENT AS OF SEPTEMBER 30, 2015
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INCREASE CONTRIBUTION LEVEL
Possible Actions INCREASE CONTRIBUTION LEVEL Employer by 4% we’ll realize additional income of $ 1,871,982 p/year Employee by 2% we’ll realize additional income of $935,991 p/year REDUCE BENEFIT LEVEL Reduce Benefit by .1% SIN TAX APPROPRIATION 5% Appropriation of Sin Tax to our Plan will give additional $ 482,000 p/y $ 1,000,000 appropriation annually
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KEY TAKEAWAYS Be vigilant Utilize all available media outlets
Provide accurate and relevant information Educate your lawmakers and stakeholders Enlist the help of the stakeholders Be part of the solution
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KOMOL
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