Bryan presented $89.2 million to GERS as first installment from bond sale

Gov. Albert Bryan Jr. presented an $89.2 million check to the Government Employees’ Retirement System on April 11, 2022, as the first installment from bond sale proceeds intended to support the pension system.

Government House said the payment was part of a plan tied to the reissuance of rum cover-over bonds. The administration said the plan would provide nearly $600 million to GERS through 2024 and $3.8 billion over 30 years.

Bryan said a second installment of $160 million was scheduled by the beginning of the next fiscal year in October 2022, which would bring total payments to $250 million for the year.

Official source: https://www.vi.gov/governor-bryan-presents-90-million-as-first-installment-from-bond-sale-for-government-employees-retirement-system/