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LOCAL INVESTMENT CEILING

Rendering of proposed new Fono Building
Pago Pago, AMERICAN SAMOA — Following some very tense moments during a Senate committee hearing yesterday, the majority of senators agreed to table for future discussion — until early next year — the approved House version of an Administration bill seeking to raise the local investment rate from 17...
Centennial Building location of Retirement Fiund office
Pago Pago, AMERICAN SAMOA — Provisions of the federal Employee Retirement Income Security Act, commonly known as ERISA, “shall not apply” to the  ASG Employment Retirement Fund because it’s a government pension plan. This is according to a senior ASG official, who provided the unsolicited input,...
Rendering of proposed new Fono Building
Pago Pago, AMERICAN SAMOA — In a vote of 8-yes and 6-nays, the Senate yesterday disapproved its version of the Administration bill seeking to raise local investment by ASG Employees' Retirement Fund from from 17% to 35% . Fono senior staffers said the Senate needed at least 10-yes votes for...
Sen. Magalei Logovi’i
Pago Pago, AMERICAN SAMOA — An administration bill raising the local investment from 17% to 35% for the ASG Employees’ Retirement Fund passed during second reading yesterday in the Senate and is expected to go through final reading today. Prior to the vote during the Senate session, the Senate...