Category Archives: Press Releases

Fsmssa board of trustees chairman and deputy administrator attends workshop

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.

Administrator presents at northwest Leadership conference 2019

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.

FSMSSA Employees attends APIPA 2019

The Association of Pacific Islands Public Auditors (APIPA) was formed in January 1988 through a Memorandum of Understanding (MOU) that was executed by the heads of the audit organizations of five Pacific Island nations. It was formed to achieve its objectives, mainly to establish an organized body to act as one voice in support of the goal of promoting efficiency and accountability in the use of public resources of emerging nations of the Pacific. It is a way to provide a forum for the exchange of ideas, experience, problems, and the identification of solutions which are often unique to the Public Auditors in the Pacific and sponsor auditing and accounting training workshops, in cooperation with established associations of the staff of member offices. Inclusive purposes includes identifying scholarship sources for Pacific Islander in need of financial assistance to study auditing and accounting at the post secondary level and promote public awareness for the purpose of conducting audits of public resources. Each year the APIPA Conference serves as the region’s premier professional development event for finance and audit professionals from throughout the U.S.-affiliated Pacific islands.

Whereas, eight (8) employees from FSMSSA inclusive of the branches attended the training, seeking more skills and knowledge to further their abilities in the area of their job goals they serve in this entity. These trainings at APIPA is always a way to refresh and help them carry on doing the best they could in their expertise. It was indeed a great experience to the first goers, and continuing assistance to those been attending. They were all grateful to be attending sessions that greatly impact their knowledge which motivates them to serving the clients of FSMSSA the best way they can offer.