GERS Re...

GERS Revives Limited Personal Loan Program for Government Employees

  • Staff Consortium
  • January 31, 2024

The Board of Trustees of the V.I. Government Employees' Retirement System (GERS) has approved a motion to restart a limited version of the previously suspended Personal Loan Program for government employees. This decision, made during a board meeting on January 25, signifies a notable shift in the GERS's operational approach since the suspension of the program in 2015. The board agreed to allocate $20 million towards the Personal Loan Program, with funds being equally divided between the St. Thomas-St. John and St. Croix districts. This move comes as a response to the requirements of a 2016 law sponsored by Senator Kenneth Gittens. The law demands that GERS lends up to $20 million to government employees, allowing for no more than $10,000 per individual. The repayment plan for these loans is set with a five-year deadline, including interest. The program's authorization will be reevaluated annually, contingent on government contributions and investment returns. The board's limited dis...