Finance Department remitted all outstanding GERS contributions and withholdings

The Virgin Islands Finance Department remitted all outstanding employee contributions and withholdings to the Government Employees Retirement System, according to a Government House statement published July 13, 2018.

The statement said the repayment was separate from the dispute over the actuarially determined employer contribution, or ADEC. It said the ADEC had not been appropriated in any government budget for more than 20 years.

According to the statement, the Government of the Virgin Islands and GERS were disputing whether the ADEC was part of the 1984 consent judgment requiring payment of employee and employer contributions. The parties were scheduled to submit legal briefs by July 13, 2018, ahead of an Aug. 24, 2018, hearing in District Court.

The statement also said the governor had submitted legislation as part of the proposed fiscal 2019 budget to increase the government's contribution to GERS over the next three years and to increase contributions from members earning more than $65,000 a year.

Official source: https://www.vi.gov/government-makes-all-outstanding-payments-to-gers/