FSM Social Security Administration
Educating & Ensuring Social Security Benefits for all working citizens.
Author Archives: Priana Andreas
- June 12, 2024
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- June 29, 2022
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- April 17, 2020
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Interior Announces $820,600 in FY 2020 for Prior Service Trust Fund Program
Category : Prior Service
Interior Announces $820,600 in FY 2020 for Prior Service Trust Fund
Program Provides Key Support to Elderly in the Pacific
WASHINGTON _ U. S. Department of the Interior Assistant Secretary, Insular and International Affairs Douglas W. Domenech has authorized $820.600 in FY 2020 funding for the Prior Service Trust Fund (PSTF) Administration which distributes benefits to the more than 700 former employees of the post-World War II, . Trust Territory of the Pacific Islands (TTPI) in the Western Pacific.
“The Prior Service Trust Fund program is an ongoing commitment that the United States holds in the Pacific and in particular to individuals who previously served in the former Trust Territory of the Pacific Islands,” said Assistant Secretary Domenech. “We appreciate that the U.S. Congress provides these funds for the Prior Service beneficiaries who rely on them for important basic needs.”
Employee benefits provided through the Prior Service Trust Fund represent a responsibility assumed by the Federal Government following the dissolution of the TTPI in 1986. The program serves beneficiaries with five years or more of prior service. The four jurisdictions to emerge from the TTPI were the Commonwealth of the Northern Mariana Islands, the Federated States of Micronesia, the Republic of the Marshall Islands.
and the Republic of Palau. The Commonwealth of the Northern Mariana Islands is a U.S. territory. The latter three entities are independent sovereign Pacific Island nations who each share a unique relationship with the United States under a Compact of Free Association agreement.
- March 23, 2020
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- March 23, 2020
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- March 19, 2020
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- March 19, 2020
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- March 19, 2020
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- October 3, 2019
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Fsmssa board of trustees chairman and deputy administrator attends workshop
Category : Press Releases
FSMSSA was invited by the Pacific Financial Technical Assistance Center (PFTAC) to participate in a workshop in Majuro, September 18-20, 2019. The workshop was a joint event organized and delivered by three PFTAC programs including Real Sector Statistics, Revenue Administration and Macroeconomic Programming. The purpose of the event is to bring together senior tax administration officials with senior officials from the National Statistics Offices of all PFTAC member countries to discuss the of ‘Use of Administrative Data in National Accounts’ particularly the importance of effective mechanisms for the secure sharing of tax and social security data with National Statistics Offices (NSO).
Chairman Harris and Deputy Ilai joined discussions over the course of the workshop from beginning to closing. It was for the program’s benefit that attending such workshops are highly recommended to the leadership of the program. The program always builds up its strength in such trainings and workshops. The presentations given were fully effective to building and refreshing knowledge of participants. FSMSS program looks forward to attaining its stability from all these resourceful information and on those who gained them to support the program with.
- October 3, 2019
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Administrator presents at northwest Leadership conference 2019
Category : Press Releases
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.