Month: August 2026

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 FOR IMMEDIATE RELEASE

On August 6, 2026, at 10:00 AM, the Social Security Administration Board of Trustees convened at the Rainbow Cliff Hotel for its scheduled program meeting, which included conducting an official appeal hearing.

Board Actions & Appeal Hearing

During the meeting, the Board of Trustees held a formal appeal hearing to review administrative determinations in accordance with established Social Security regulations and relevant case law. Following due consideration of the evidence, testimonies, and legal advice presented during the session, the Board rendered its official decision on the matter.

Administration Operational & Financial Updates

In addition to the appeal proceedings, the Board reviewed ongoing agency operations and financial performance:

• Staffing Additions: To enhance public transparency and agency capacity, the Administration recently filled three key positions: a Public Information Officer (PIO), a dedicated Tax Collection Clerk, and an IT Specialist, alongside an internal promotion for the Technical Assistant role.
• Investment Portfolio Performance: Financial advisors reported that the overall fund closed the second quarter at $70.23 million, gaining approximately $6.4 million over the quarter. Strong market performance pushed the total fund value past $71 million in August.
• Asset Reinvestment: The Board approved recommendations to reinvest liquidated proceeds from a single segregated Russian asset directly back into active international equity management under WCM.
• Legislative Engagement: Management and Trustees reaffirmed their ongoing dialogue with National and State leadership—including the President, Vice President, and Congressional committees—to support pending legislative amendments permitting expanded alternative investments aimed at achieving higher long-term portfolio yields.

Asset Reinvestment: The Board approved recommendations to reinvest liquidated proceeds from a single segregated Russian asset directly back into active international management under WCM.

• Legislative Engagement: Management and Trustees reaffirmed their ongoing dialogue with National and State leadership—including the President, Vice President, and Congressional committees—to support pending legislative amendments permitting expanded alternative investments aimed at achieving higher long-term portfolio yields.

Legislative Action: Management and Trustees reaffirmed their ongoing dialogue with National and State leadership—including the President, Vice President, and Congressional committees—to advocate for pending legislative amendments allowing alternative investments to target higher long-term fund yields.

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

FOR IMMEDIATE RELEASE

TAMUNING, GUAM – May 6, 2026 — The Board of Trustees of the Federated States of Micronesia (FSM) Social Security Administration successfully concluded its 2nd Regular Meeting of Calendar Year 2026, held May 4–6 in Tamuning, Guam. The three-day session encompassed strategic investment decisions, administrative updates, legislative recommendations, and a public forum for FSM citizens living in Guam.

Key Actions & Meeting Highlights

• Investment Portfolio Growth: Consultants from Raymond James reported that the fund’s total value rebounded to $67,978,932 as of May 1, 2026, marking a 6.48% recovery following Q1 market fluctuations.
• Portfolio Restructuring: Following presentations and interviews, the Board approved significant investment adjustments to optimize performance:
  • U.S. Large Cap Value: Unanimously voted to terminate Aristotle Capital Management and appoint Putnam Investments as the new portfolio manager.
  • U.S. Large Cap Growth: Unanimously voted to terminate Winslow Capital Management and index these funds through the Vanguard Russell 1000 Growth ETF.
• Proposed Statutory Amendment: The Board unanimously approved a motion to recommend a congressional amendment allowing board members to continue serving past their three-year terms until reconfirmed or replaced, preventing quorum disruptions.
• IT Division Expansion: Approved the creation of a second Data Entry Operator position at HQ to manage increasing administrative workloads.
• Public Engagement: On May 5, the Board and executive leadership hosted a public forum at the FSM Consulate in Guam to address citizen concerns and answer questions regarding the system.

Board Leadership & Governance

The meeting was chaired by Pohnpei Representative Jack Harris, alongside Board Trustees Ari Skilling (National Government), Jason Poll (Chuuk), and Nena Ned (Kosrae). Executive management was represented by Administrator Leon Panuelo, Jr. and Deputy Administrator Francky Ilai.

The Board of Trustees is scheduled to convene for its 3rd Regular Meeting in Pohnpei in July 2026.

About the FSM Social Security Administration

The FSM Social Security Administration provides retirement, disability, and survivor benefits to the workforce and citizens of the Federated States of Micronesia, ensuring long-term financial security across all states.

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

FOR IMMEDIATE RELEASE

FSM Social Security Administration Leadership Conducts Courtesy Visits Across Government Branches to Highlight Financial Outlook and Program Sustainability

PALIKIR, Pohnpei – August 6, 2026 — Leadership and representatives of the Federated States of Micronesia Social Security Administration (FSMSSA) concluded a series of high-level courtesy visits on August 4 and August 5, 2026, engaging with principal leaders across national executive, Pohnpei State Executive, and Legislative leadership branches.

Each meeting opened with remarks of appreciation and introductions led by Jack Harris, Chairman of the FSMSSA Board of Trustees, followed by welcoming remarks from the host leadership. FSMSSA Administrator Leon Panuelo, Jr. then presented comprehensive operational and financial reports covering the second quarter of 2026.

Addressing Program Growth and Strategic Collaboration

A central message of the delegation’s presentations was the long-term sustainability of the fund. Chairman Jack Harris emphasized a crucial structural dynamic currently facing the administration: while the number of beneficiaries relying on social security programs continues to rise, annual tax revenues have remained relatively flat.

To address this trend, FSMSSA leadership discussed the necessity of active investment management, operational efficiency, and ongoing collaborative governance across all branches of government to safeguard benefits for current and future generations.

Pledges of Government Support:

At the conclusion of each session, leadership from the Office of the President, the Office of the Governor, and the Legislative expressed strong support for FSMSSA’s mission. The hosted leaders affirmed their commitment to working closely with the administration and reviewing potential measures or legislative actions to assist FSMSSA in overcoming any operational or financial challenges facing the program.

Key Financial & Beneficiary Highlights Presented

During the visits, Administrator Panuelo shared key figures detailing performance through mid-2026:

• Net Asset & Portfolio Growth: FSMSSA total net assets reached $80.11 million as of June 30, 2026. Strong investment management yielded $5.27 million in net investment income during the first half of the year (representing an 8.14% rate of return on portfolio market values totaling $70.05 million).
• Revenue & Operating Surplus: Year-to-date revenues reached $14.63 million, yielding an operating revenue surplus after benefit payouts of $1.45 million and an overall surplus after administrative expenses of $740,303.
• Beneficiary Outreach: FSMSSA currently supports 6,384 total beneficiaries, with monthly benefit payouts amounting to $2,007,257.60:
  • Retirement Benefits: 3,822 beneficiaries (60% of total; $1.44M monthly)
  • Spousal Benefits: 1,772 beneficiaries (28% of total; $418.4K monthly)
  • Child Benefits: 530 beneficiaries (8% of total; $88.7K monthly)
  • Disability Benefits: 260 beneficiaries (4% of total; $115.8K monthly)

Leadership Statements

” The number of people relying on Social Security continues to rise, while our regular tax revenues remain relatively flat. By keeping open lines of communication with our executive and legislative leaders—and with their gracious commitment to help address our ongoing challenges—we can work together on sustainable solutions that protect the benefits our citizens depend on.”

— Jack Harris, Chairman, FSMSSA Board of Trustees

About the FSM Social Security Administration

The Federated States of Micronesia Social Security Administration (FSMSSA) provides financial security and social safety nets for eligible workers and their dependents across the nation through retirement, disability, and survivor benefit programs.

FSM Social Security Administration

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