Monthly Archives: May 2017

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FSM Social Security Board of Trustees holds 1st Regular Meeting 2017

Category : Board News

FSM Social Security Board of Trustees had its 1st quarter meeting beginning the year 2017 as its usual ongoing method. Every year, four regular meetings shall convene, along with special meetings when necessary. For first quarter 2017, they had met to tackle the usual issues or businesses needed to be taken care of during each quarter. The Board of Trustees for FSMSSA is usually a body of 6 people; 4 representatives from each state, a national government representative and Administrator as Ex-Officio member. Currently there are empty seats within the governing body of the system, due to members being resigned for crucial reasons. On board now the system holds 3 members including the Administrator. In its first quarter meeting, the Board heard the Annual Investment Portfolio review and decides on its money managers. Decisions were made upon either to keep certain groups of managers or put them on watch or move out from under them. For instance, Winslow was put on watch due to their underperformance compared to their benchmark over the last three years. In line with that, the Board also assessed the other managers carefully to make sure the system stays in good hands. The Board further discussed other pending businesses about Social Security employees in regards to financials. These meetings had to tackle every inch of every need within the program regardless. It was another time for each member to do their reports as well be updated with FSMSSA reports regarding Financials, Collections and other crucial updates. In its interest of time, the Board also allot time for Appeal Hearings in the state where the need arose. FSMSSA Board of Trustees had hoped for better ends to their meetings, which in fact had been a plus for the outcomes. With timely updates as is, it is believed that the Board of Trustees for FSM Social Security strives for the betterment of the program for the sake of all its people near and far.

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FSMSSA Prior Service receives Technical Assistance Grant

Category : Prior Service

          On March 10, 2017, Acting Assistant Secretary of the Interior for Insular Areas, Nikolao Pula of Washington DC approved three technical assistance grants totaling over $1.7 million. According to Acting Secretary Pula, these funds demonstrate support for commitments and important programs which continue to benefit people in the U.S. territories and the Freely Associated States. Pula further shared that the Department of Interior for Insular Areas continues to work closely with the governors of the U.S territories and the presidents of the Free Associated States (FAS) to make sure that U.S. taxpayer dollars are used correctly and in the Nation’s best interest.

FSM Social Security Prior Service Trust Fund Administration (PSTFA) received the first technical assistance grant in the amount of $865,800. This grant continues funding employee benefits under the terms of the Prior Service Trust Fund, a responsibility assumed by the Federal Government following the dissolution of the Trust Territory of the Pacific Islands (TTPI). The program allows the Free Associated States governments and the Commonwealth of the Northern Mariana Islands pay the benefits to former TTPI employees plus cover PSTFA expenses.

The FSM Social Security Administration is always thankful to the U.S. Department of Interior for its continuous support in contributing to the Prior Service Trust Fund Administration, a grant that contributes more assistance to the TTPI employees in the program.