Government Employees' Retirement System headquarters in Golden Rock, St. Croix. Photo Credit: ERNICE GILBERT, V.I. CONSORTIUM
The Government Employees' Retirement System is now processing at least 1,329 submissions from active government employees indicating interest in obtaining a personal loan, CEO Angel Dawson told the GERS Board of Trustees during their regular monthly meeting on Tuesday.
“Our system has worked well in terms of receiving the expressions of interest,” Mr. Dawson said, noting that the process has gone smoothly thus far. With staff currently sorting through the submissions, he expects that appointment scheduling will begin on or before the April 29 date previously indicated.
GERS has adequate funds available to meet demand, Mr. Dawson noted. If each of the 1329 expressions of interest were ultimately approved, “we would be looking at approximately $12.6 million in personal loans. So we are still within the $20 million that has been approved by the board," he said.
The revived limited personal loan program, Mr. Dawson said, was “off to a very good start.”
