FSMSSA Pohnpei participates in Women’s Day 2019

FSMSSA was invited to do presentations at the 2019 Women’s Day Conference on March 7, 2019 at the State Governor’s conference Room, whereas, Pohnpei Branch Manager Leon Panuelo Jr. and Assistant Manager Trueleen J. Albert were present. An overall presentation of the program was given, consisting, the history and objective of the program, financial statuses, Benefit types and specifically the types of benefits and procedures to applying and all regulations in line to uphold the informative part that people needed to know and understand. After the informative presentation, the crowd raised tons of questions mostly regards to Benefit Claims and Tax Paying. To their surprises, many had just learned new information the public were never aware of. the productivity of the day rested in the hands of all the women who happened to be there for they were intended to push out their complains and comments. All were accepted by FSMSSA team, looking forward to a down drop of questions in the future. That concluded the presentation and requests were made for future awareness always.

 

United States Department of Interior gives grant to Social Security Programs

The Prior Service Trust Fund (PSTF) is a supplemental retirement, disability and survivors’ plan established pursuant to Section 105(m) of U.S Public Law 99-239. It was established to continue to provide benefits to those who worked for the U.S. Navy Administration or the Government of the Trust Territory of the Pacific Islands for at least five years prior to July 1, 1968. In 1987, the United States Congress provided $8 million for initial capitalization of the PSBTF. The United States Government continues to meet its commitment and financial support to beneficiaries. These Prior Service beneficiaries are retirees and survivors who rely on monthly payments ranging from $54.00 to over $150.00 to pay for medicine, food, kerosene and other basic needs.

Effective April 1, 2006, the Federated States of Micronesia Social Security Administration assumed responsibility for benefit payments made to citizens of the Federated States of Micronesia. Beneficiaries of PSTF total about one thousand and lived in the Northern Mariana Islands, Republic of Palau, Federated States of Micronesia and Marshall Islands. FSM has a total of 450 beneficiaries who are currently receiving Prior Service Benefits.

In May 2016, the United States Department of Interior, Office of Insular Affairs (OIA), awarded additional money to the Prior Service Trust Fund Administration (PSTF) to enact and fully fund an increased cost of living adjustment (COLA) for all existing PSTF beneficiaries. It was an addition to the annual funds being received from OIA to maintain existing payments to PSTF beneficiaries.

In March 2018, the Prior Service Trust Fund (PSTF) was awarded funding through the office of Insular Affairs’ (OIA) Technical Assistance Program. A grant was awarded to fund Prior Service benefit payments to beneficiaries in the Commonwealth of the Northern Mariana Islands, the Federated States of Micronesia, the Republic of the Marshall Islands and the Republic of Palau. The grant included a partial funding award of $460,900 for PSTF benefit payments, will be available for the first six months of the next fiscal year. Additional funding will be awarded after OIA has received full appropriations for Fiscal Year 2018.

In April 2019, the Prior Service Board of Directors and staff wished to announce that the U.S Interior Assistant Secretary of Insular and Internal Affairs, Douglas W. Domenech has authorized the payment of $853,590 in FY 2019 Technical Assistance Funding for the Prior Service Trust Fund.

The Prior Service Trust Fund Board and Social Security Administrations take this opportunity to express their appreciation to Assistant Secretary Domenech and staff for providing this valuable assistance to families across Micronesia and beyond.

 

FSMSSA Board of Trustees meets for 1st special 2019

FSMSSA Board of Trustees had its 1st Special Meeting on February 14, 2019. In attendance were all members including Chairman Harris, Vice Chairman Tafileluw, members Sana, Ned and Falcam along with ex-officio member Administrator Narruhn and Deputy Administrator Ilai. There was quorum so the meeting carried on with its Agenda. A major part of the meeting was the 2019 Investment Review, which also took place. A presentation was given by FSMSSA’s Consultant Daniel Roland, focused on the system’s portfolio performance, Investment Policy Statement (IPS) percent reduction and performances of money managers. Another presentation was on the Experience Study and Actuarial Valuation and was given by Brent A. Banister from the Actuarial Study Group. Details were to be put into report. Moreover, the board had heard and gained information needed from such crucial presentations and were now clear on where FSMSSA is heading in such areas, therefore had passed changes to Investment Policy Statement. The Board’s agenda carried on as usual, briefings and comments were made. Administrator Narruhn further discussed specific issues including money managers put on watch as well as the Valuation and Actuarial Experience study hoping for the support of FSM Congress to pending bill. Narruhn shared the ongoing projects for FSMSSA to be able to use the laser printer and software upgrade. He then discussed ongoing issue of the need to do electronic payment whereas abroad beneficiaries were being encouraged to switch to bank accounts. Lastly, as always, FSMSSA’s Financial Statement and Tax Reports were shared with the Board of Trustees to be reviewed and do communication with comments if there may be.

The need for the special meeting had been met and meeting was adjourned.

 

Beneficiaries to make Changes in Addresses

FSMSSA wishes to extend this announcement to all beneficiaries receiving benefits from the Social Security Program. Due to security reasons, the FSM Social Security Administration will be discontinuing the mailing of physical checks to overseas locations beginning April 2019. Therefore, beneficiaries residing outside of FSM must have a valid bank account to be used for benefit remittances. The program sincerely encourage ALL beneficiaries abroad and on the islands to abide with this recommendation in order to support security improvements. It must be a question raised to why the sudden change, yet due to incidents occurring with lost checks and more than that, FSMSSA intends to verify that the safest procedure is through bank direct deposits. This could also support the less use of paper for printed checks to thousands of beneficiaries. Moreover, the process is that you must have an active Savings or Checking Account. FSMSSA need your account information for confirmation then you could make the change. In doing so, our form had been sent out to all beneficiaries, it is as well posted on our website; www.fsmssa.fm. Please be informed that Joints accounts are applicable to only you and your spouse. On island beneficiaries are highly recommended to have accounts as much as possible. This change would really assist with systems expenses on its operations and a guaranteed timely payout to all beneficiaries and would highly shorten issues with physical checks. For further questions and comments, please contact us through e-mail or phone. Thank you.

 

In Loving Memory of John Steele Vanderburgh

 

“Jenni” Vanderburgh and Family are saddened to announce the sudden passing of their beloved husband, father, grandfather, brother, and friend on Thursday March 14, 2019. John served our country in the U.S. Army followed by deciding his life to improving quality disability decisions on Guam, the Pacific and the San Francisco Region. A faithful and highly respected public servant with over 40+ years working for the Social Security Administration in numerous capacities: Claims Representative, Program Coordinator, Operations Supervisor, Team Leader, District Manager, Advocate, Mentor, Examiner and a Medical Professional Relations Officer. John also served the FSM as an Adjudicator. John’s passions in life were the love of his family, reading, writing, mentoring, golfing and communicating effectively. Throughout his life, John was known for his acts of kindness for family, co-workers, stakeholders, friends and strangers.