Virgin Islands government made $158 million GERS payment on Oct. 1

Gov. Albert Bryan Jr. announced on Oct. 3, 2022, that the Government of the Virgin Islands had made a $158 million payment to the Government Employees’ Retirement System on Oct. 1.

The payment was the first annual payment due under a $3.8 billion funding note authorized as part of Act No. 8540, the law tied to the government’s GERS solvency plan.

According to Government House, Bryan signed the legislation in February 2022, and the government closed on a refinancing of rum cover-over matching fund bonds in Washington in April 2022. The law authorized the use of savings from the refinancing to help stabilize GERS.

Official source: https://www.vi.gov/bryan-roach-administration-pays-158-million-to-government-employees-retirement-system-on-october-1/