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The FSM Social
Security Board of Trustees met on Pohnpei on October 19 to 21, 2004,
for their 3rd Regular Board Meeting of calendar year 2004.
The board, in a bid to increase the public’s awareness of the
program and its affairs, arranged for a public forum to take place during
their stay on Pohnpei. Therefore, at 10 a.m. of October 19, 2004, the
conference room in the Sea Breeze Hotel was packed with no less than
fifty people for the FSMSS Board of Trustees Public Forum. The board
had already conducted one forum in Chuuk and plans to hold one in allthe
states at least once a year. |
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The purpose of the forum was
to give citizens a chance to voice any questions or concerns they had
directly to the governing body of the FSM Social Security Administration.
Onlino Lawrence, the Pohnpei Social Security Branch Manager, acting
as M.C., opened the forum by stating the intent of the forum. The FSMSS
Administrator, Alexander R. Narruhn, took over and introduced the board
members. The board members that were present included Chairman of the
Board, Charles L. Chieng who also represents Yap; Representative of
Chuuk State, Bernes O. Reselap; Representative of Kosrae, Nena Ned;
and Nahoy G. Selifis, serving as the at-large member from the National
Government. The FSMSS Administrator is ex-officio member on the board.
Chairman Chieng did the opening remarks and stated, the forum was an
important event, in that the board would directly hear from the people
any questions and concerns they had pertaining to social security in
the Federated States of Micronesia, specifically Pohnpei. Ending his
remarks, he opened the floor for questions.
Particular confusion was found in the area of adoption. The board clarified
that it does accept customary adoption but there has to be evidence
present proving economic dependency. The board was very pleased with
the results of the forum and wishes to continue this type of public
awareness activity in the future.
The afternoon of the same day saw the FSM Social Security Board of Trustees
meeting with members of the Pohnpei State Legislature. The meeting,
which took place at 2:00 p.m., had been appointed by the board to allow
the legislature to ask any questions they had. It was also a strategic
step for the board to ask the leadership of Pohnpei to help support
the Prior Service Administration in lobbying for funds from the United
States.
The board met with members of HESA and R & D. Board Chairman Charles
Chieng opened the floor with the opening remarks after which introductions
from both sides were made. Discussions commenced.
Of particular interest was prior service. The FSMSS Administrator, Alexander
Narruhn, went over the history of the program and recounted the funding
problem that still faces the program despite the recent $1.6 million
appropriated by the Department of the Interior. It was apparent that
Prior Service needed every bit of support it could garner in lobbying
for additional funding. The senators gathered agreed to do anything
in their power to help in the lobbying of funds for the Prior Service
Program. Otherwise, once the fund is depleted, the Prior Service Program
will shut down.
More questions were asked before the meeting ended at approximately
4:00 p.m.
On October 20 and 21, 2004, the board held its 3rd Regular Meeting of
Calendar Year 2004. The meetings alternate between the four states to
allow the board to entertain appeal cases from each state. Since this
meeting took place on Pohnpei, the board took up appeals from that state.
The board moved on to discuss the financial report prepared by the FSMSSA.
As of September 30, 2004, total assets including investments were at
$35,074,017.93. Year to date expenses are at $603,573.51, with 43.4%
of the approved budget for calendar year 2004 still untouched. Collections
of delinquent taxes during 3rd Quarter 2004 clocked in at $164,399.44
bringing the year-to-date total of delinquent tax collections to $816,483.44.
The board met with Patrick M. McFadden, the representative from Merrill
Lynch, who assured the board that the market will recover. He pointed
out that despite the murky current conditions plaguing the market, it
would recover. This is the consensus as far as investment advisors are
concerned. The investment portfolio’s value as of September 30,
2004, is $33,814,478.25.
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