FSM Social Security Administration

Palikir – Federated States of Micronesia – The Federated States of Micronesia (FSM) Social Security Administration proudly announces the swearing-in of Mr. Jack S. Harris on the FSM Social Security Board of Trustees for another term. Chairman Harris has demonstrated remarkable leadership and unwavering commitment to ensuring the financial stability and sustainability of FSM’s social security system, and we are honored to have him continue to serve in this crucial role.

The FSM Social Security Administration extends its deepest gratitude to His Excellency, President Simina, for his continued trust and leadership in re-appointing Chairman Harris. This reappointment reflects President Simina’s recognition of the importance of continuity, experience, and dedication in overseeing the nation’s social security fund, which is essential to the well-being of our citizens.

We would also like to express our sincere appreciation to the 23rd Congress of the Federated States of Micronesia for their confirmation of Chairman Harris for another term on the Board of Trustees. The Congress’s endorsement underscores the confidence the nation has in Chairman Harris’s leadership and vision.

Chairman Harris’s reappointment comes at a critical time, as the FSM Social Security Administration continues its work to provide financial security for our retirees, disabled, and survivors. His extensive experience and proven track record of strategic guidance will be invaluable as we navigate the challenges and opportunities ahead.

On behalf of the FSM Social Security Administration, we congratulate Chairman Jack S. Harris on this well-deserved reappointment and look forward to his continued leadership in serving the best interests of the people of the Federated States of Micronesia.

Palikir, Federated States of Micronesia – September 25, 2024 – During a Congressional hearing on September 25, 2024, the Federated States of Micronesia Social Security Administration (FSMSSA) presented key updates and discussed critical issues facing the program’s sustainability and future funding strategies.

FSMSSA Administrator, in his opening statement, expressed his gratitude, acknowledging that thanks to congressional subsidies and salary increases within the FSM National Government and Pohnpei State Government, the administration has not yet drawn down from its investment portfolio this year. Additionally, the Administrator announced that the most recent actuarial study has been completed and will be released soon. This study will be instrumental in guiding the FSMSSA board and management on necessary changes to ensure the program’s long-term viability. All proposed amendments will be forwarded to the President’s Office for review, should there be necessary amendments.

Over the course of the hearing, concerns about efforts to reduce the administration’s reliance on congressional subsidies and increase of tax rate were heard. Administrator Panuelo, Jr. responded by stating that while there will always be a funding gap, management is committed to minimizing its dependency on government support through strategic budgeting and efficient use of resources. Pertaining to the tax rate increase, Administrator emphasized the need to be considerate of struggling businesses. FSMSSA is exploring balanced solutions that won’t overly burden employers while maintaining the program’s solvency. Administrator Panuelo, Jr. stressed that job creation and increase of salary is a better alternative solution than the raising of tax rate.

FSMSSA confirmed it is conducting a beneficiary survey to update its records. The survey is intended to verify beneficiaries’ current status, particularly those receiving benefits in the U.S. The Administrator clarified that recipients aged 60-64 are not required to submit IRS forms, but those working while receiving spousal benefits must comply with earnings tests.

The Administrator also addressed expatriate benefits, explaining that non-resident workers will receive a lump-sum payment of their total contributions to FSMSSA, provided they can prove they no longer reside in the FSM. Voluntary contributions remain an option for FSM citizens abroad or those without formal employment.

The hearing also discussed laws concerning remarriage and spousal benefits, as well as potential updates to adoption laws. Currently, remarriage—including customary or common-law unions—results in the loss of spousal benefits. Additionally, there is interest in revisiting the adoption age limit, currently set at 55 years old.

FSMSSA is committed to using the forthcoming actuarial study to inform future changes and improve the program. The administration will continue to work closely with Congress and the President’s Office to ensure that any amendments are thoughtfully implemented, considering both the immediate and long-term needs of FSM citizens.

FSM Social Security Administration  

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You can find us on the web at www.fsmss.fm. Or you can e-mail us at sspio@mail.fm or fsmssa@mail.fm

Koror, Palau – August 26, 2024 – The FSM Social Security Administration (FSMSSA) proudly participated in the 35th Annual Association of Pacific Islands Public Auditors (APIPA) Conference, held in Koror, Palau. The event brought together over 500 participants from across the Pacific, including government officials, auditors, and finance professionals, all united under this year’s theme, “Bridging the Gap of Public Accountability and Transparency.”

The conference focused on enhancing the integrity and effectiveness of public audit and finance systems throughout the Pacific region. It provided a vital platform for FSMSSA personnel and other attendees to exchange knowledge, share best practices, and discuss innovative strategies to strengthen public accountability and transparency in government operations.

Participants of the 35th Annual APIPA Conference engaged in a series of workshops, panel discussions, and networking opportunities, all aimed at improving the governance and financial management systems of their respective institutions. The FSMSSA representatives gained valuable insights and tools that will contribute to the continued enhancement of accountability measures within the administration.

The FSMSSA remains committed to upholding the principles of transparency and integrity, and participation in the APIPA Conference underscores the administration’s dedication to fostering strong governance and public trust across the Federated States of Micronesia.