Business

G.E.R.S. Defends Decision Not To Reinstate Loan Program

ST. THOMAS -- Officials of the Government Employees' Retirement System testified under oath at the Earl B. Ottley Legislative Hall on Thursday, where they faced pointed questions from lawmakers, some of whom have been livid with the G.E.R.S. Board of Trustees for disregarding a bill that was sponsored by Senators Kurt Vialet and Kenneth Gittens -- signed into law by Governor Kenneth Mapp -- that called for the system to make available some $20 million in loans to its members, some of whom have historically relied on the program to help pay for critical needs, including school supplies for children. But G.E.R.S. Administrator Austin Nibbs, keeping in line with a press release issued to media upon the board's decision not to follow the law, reiterated the system's stance that board members have a fiduciary responsibility to protect the system and its members. In fact, G.E.R.S. Deputy General Counsel Ishmael Meyers evoked Virgin Islands Code that says investments should be ...