COMMONWEALTH RETIREMENT ASSOCIATION
P.O.BOX 7879 SVRB
SAIPAN, MP 96950

June 16, 2010

Hon. Paul Atalig Manglona, President of the Senate
Seventeenth Northern Marianas Commonwealth Legislature
and
Hon. Luis "Angando" Crisostimo, Chairman
Committee on Judiciary, Government & Law
The Senate
Seventeenth Northern Marianas Commonwealth Legislature
P.O. Box 500586
Saipan, MP 96950

Dear President Manglona and Chairman Crisostimo:
The Board of Directors of the Commonwealth Retirement Association (CRA), a CNMI non-profit corporation representing and working for all members of the Defined Benefits program, joins the trustees of the CNMI Retirement Fund in opposing S.B 17-27 as stated in the Fund’s letter of June 11, 2010 and signed by the members of the Board of Directors.  This bill, if passed, would surely add to if not hasten the financial death of the retirement fund. 

The Fund’s letter provides many reasons, which need not be repeated here, and makes it unquestionably clear, why this bill is not in the best interest of the Fund, the retirees or the tax payers of the CNMI.  We, the CRA Board of Directors, therefore urge you and Chairman Crisostimo to kill this bill and to work together with the trustees and the members of CRA to seek ways and means to ensure the financial health of the Fund.

Sincerely,

William R. Barrineau
Vice Chairman, Commonwealth Retirement Association

Cc:         
Governor, Members of the 17th legislature,
Board of Directors, Commonwealth Retirement Fund