V.I. Government Appeals District Court's Decision Ordering $63 Million Payment Owed to G.E.R.S.
The Government Employees' Retirement System said Thursday that the Government of the Virgin Islands, supported by Governor Albert Bryan, has appealed a District Court judgement that ordered the local government to pay the pension system $63 million owed by the GVI.
"This action by the GVI, expressly supported by the governor, exemplifies the continued pattern of non-payment of retirement costs which has led the G.E.R.S. to the edge of insolvency," G.E.R.S said.
In his judgement, Judge Curtis Gomez opined, “There is overwhelming evidence that in this case the GERS is on the verge of insolvency. That financial calamity, by some estimates, is projected to occur in 2023.”
He added, "Restoring unpaid contributions identified herein gives long serving, long suffering, and understandably anxious government employees several things they deserve: (1) a demonstrable financial commitment by the GVI to make them whole; (2) hope that they will receive their retirement benefits; and (3) hope that the repository of their retirement funds will be supported.”
Read more: https://viconsortium.com/vi-gers/virgin-islands-v-i-government-appeals-district-courts-decision-ordering-63-million-payment-owed-to-g-e-r-s-