Government Employees' Retirement System Administrator, Austin Nibbs, told lawmakers that GERS draws down $120 million every year to pay retirees, and that the system's annual shortfall amounts to $150 million. The administrator was responding to a question from Senator Dwayne DeGraff, who asked if an $85 million one-time payment to the system would help.  The questioning came during GERS's budget hearing on Tuesday, where Mr. Nibbs testified that the plan sponsor, which is the government of the Virgin Islands, needs to make good on its commitment to fund the system, which he said requires a $2 billion infusion of cash to survive. "Based on the current funding of the system, the system will become insolvent by 2024 or sooner depending on market conditions or if nothing is done to fund the system on an actuarial reserve basis. If the Plan Sponsor…