Major amendments coming to Admin bill before Senate votes to increase retirement fund contributions
Pago Pago, AMERICAN SAMOA — The Senate Retirement Committee plans to make necessary changes to an administration bill which, among other things, hikes the contribution rate for employees to the Retirement Fund over a three year period, starting next year, according to committee chairman Sen. Tuaolo Manaia Fruean, who said the Senate is not going to rush into making a final decision on the legislation, which was introduced in the Fono late last month.
Speaking at the conclusion of yesterday’s committee hearing, Tuaolo said the committee is looking to adopt the ASG Employees' Retirement Fund Board of Trustee's recommendation to increase the contribution rate from 3% to 6% for the employee and 8% up to 11% for ASG.
There are three major amendments outlined in the bill, which was the subject of yesterday’s hearing, where Retirement Office executive director I’aulualo Fa’afetai Talia, board chairman, Va’anatiu T. Iafeta and the governor’s assistant legal counsel Alema Leota testified.
The committee’s first hearing on the bill was held early last week and was continued to yesterday as senators wanted to question Leota, who reportedly drafted the measure for submission to the Fono.
Read more: http://www.samoanews.com/local-news/major-amendments-coming-admin-bill-senate-votes-increase-retirement-fund-contributions