ASG Employees Retirement Fund
Pago Pago, AMERICAN SAMOA — Senators will not attend the bi-annual meeting of the ASG Employees Retirement Fund (ASGERF) in Honolulu as initially planned, due to among others, the COVID-19 pandemic and since senators are at the age most susceptible to the virus, said Sen. Soliai Tuipine Fuimaono,...
Pago Pago, AMERICAN SAMOA — A Senate bill which seeks to increase the contribution rate to the ASG Employees Retirement Fund, will be heading soon to Gov. Lemanu Peleti Palepoi Sialega Mauga, for review and a decision, after senators agreed to a House amendment on the proposed law.
Meanwhile the...
Pago Pago, AMERICAN SAMOA — In voting “no” on a Senate bill, which seeks to increase contributions to the ASG Employees Retirement Fund (ASGERF), Sen. Togiola T.A. Tulafono argued that the proposed rate increase for employees would reduce the take home pay for workers, and especially affect those...
Pago Pago, AMERICAN SAMOA — ASG Employees Retirement Fund officials voiced their support for a Senate bill, which seeks to increase the contribution by the government and employees to the government’s pension plan, saying that it’s long overdue.
“Payout is $23 million in just benefits alone [...
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,...
Pago Pago, AMERICAN SAMOA — Changes made to a provision of the law in Dec. 2008 authorizing the government to borrow $20 million from the ASG Employees Retirement Fund, eliminated the sunset clause, which was meant to roll back local investment from 17% to 10% after the loan was paid off.
This...
Pago Pago, AMERICAN SAMOA — American Samoa TeleCommunications Authority’s new proposal of $18.25 million in funds pending with the ASG Employees Retirement Fund is dependent on Legislative approval of an Administration proposed bill seeking to hike the local investment rate of the retirement fund...
Pago Pago, AMERICAN SAMOA — Among the proposed amendments to provisions of the ASG Employees Retirement Fund law is a new section “authorizing investment” in the ASTCA-owned Hawaiki cable project, which includes the American Samoa branching unit that went live last month.
The branching unit cost $...