Administrator presents at northwest Leadership conference 2019

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Administrator presents at northwest Leadership conference 2019

Category : Press Releases

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In the early weeks of September, FSM Social Security Administrator Alexander R. Narruhn attended the Northwest Leadership Conference 2019 on Makur Island, outer islands of Chuuk State. Administrator Narruhn shared a presentation to the large group, an overall presentation based on functions of the program. Detailed information about social security benefits were discussed, including eligibilities to retirement and other types of benefits. The different types of benefits were introduced with its requirements. Administrator’s presentation touched on the program’s Financial Statements audited and unaudited from 2016 to 2019 as well as its Investment Fund Performance. Tax collections especially delinquency was introduced as it remains a major problem to the program’s tax collections. Along with the challenge of delinquency, FSMSSA also face more of which, benefit payments exceeding tax collections, downsizing of government and closing of several major businesses, increase number of beneficiaries and low funded ratio, high unfunded accrued liability. These challenges are on hand and as much as the Administration tries to battle with, still comes on the way due to the giving and receiving processes of the program. Therefore, the program gives more than it collects. Otherwise, the Administration never gives up fighting these challenges finding ways to support the program and keep on right track to its purposes.  Lastly, there are pending amendments in process to support the program in every way possible for its longevity.