BREAKING

GERS

Bryan Creates Task Force With Aim of Finding Solutions to Save G.E.R.S.

Staff Consortium | June 24, 2020

Governor Albert Bryan on Monday signed an executive order establishing an Advisory GERS Funding Task Force whose goal is to create a funding plan for the Government Employees’ Retirement System, Government House has made known. G.E.R.S. has said it plans on cutting retirees' annuities by 42 percent beginning January 2021 in a bid to save the system from collapse if it does not receive an infusion of cash of $195 million from the plan sponsor, the government of the Virgin Islands. Even with the 42 percent pension cut in 2021, G.E.R.S. said if no funding is made available, the system will collapse in 2024, and "contributions will only be enough to pay forty-five cents per dollar of benefits; in effect, there will be a 55 percent reduction in benefit payments to approximately 8,700 retirees." "Insolvency will inflict painful personal and financial…

V.I. Government Appeals District Court's Decision…

Ernice Gilbert | April 10, 2020

The Government Employees' Retirement System said Thursday that the Government of the Virgin Islands,…

Retirees Doomsday: GERS Benefits Could Be Slashed…

Robert Moore | March 13, 2020

ST. THOMAS — The clock is ticking on the solvency of the Government Employees' Retirement System (GERS).…

Watch | Gov't Retirees, Police Clash Outside Government…

Staff Consortium | March 11, 2020

Retirees on St. Croix clashed with police today as they descended on Government House in Christiansted…

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