Bill to remove private sectors from retirement board, pending in Senate
This week, the Senate introduced a bill to remove private sector members as Directors for the American Samoa Government Employee’s Retirement Fund (ASGERF) Board and require all members to be ASG.
There are seven Board Members, five of which are from ASG, and two members are from the private sector and yet these two members of the Board are not members of the Fund itself.
They do not contribute to the Fund and have no monies invested.
At the same time, the private sector presence on the board provided valuable insight over the years. However, our current economy is moving at an unprecedented speed that requires the attention of board members who can commit more time to the issues of the board and funds.
According to the proposed bill, most of the Board members come from the ASG, and it is easier for them to respond and attend to a request for a special Board meeting as being on the Board is now a part of their duties and responsibilities.
This is not always the case for the private sector members.
It is no secret that if private sector members do not work, they do not get paid. If they do not handle their day-to-day business, their business does not make money.
And as such, it has become challenging to secure a quorum of the ASGERF Board membership due to the private sector members tending to their businesses first.
Not having a quorum makes it difficult for the ASGERF Board to conduct business.