Federated States of Micronesia Social Security Administration
PRESS RELEASE
P.O. Box L
Kolonia, Pohnpei FM 96941
Tel: (691) 320-2706/2708/4407
Fax: (691) 320-2607
The FSM Social Security Administration, in servicing the island nation’s citizens, holds public awareness of the program and its affairs a priority.
FOR IMMEDIATE RELEASE
FSM Social Security Administration Achieves Clean 2024 Audit with Strong Investment Gains and Zero Compliance Issues
KOLONIA, Pohnpei— The Federated States of Micronesia Social Security Administration (FSMSSA) has officially published its audited financial statements for the fiscal years ended December 31, 2024 and 2023. The independent audit, conducted by Ernst & Young LLP, granted the Administration a completely unmodified (“clean”) opinion.
Significantly, the independent auditors identified zero material weaknesses in FSMSSA’s internal controls over financial reporting and zero instances of noncompliance with government laws or regulations.
Key highlights from the 2024 fiscal period include:
- Fund Growth: The Retirement Fund net position increased by 10.2%, rising to $62.3 million from $56.5 million the previous year.
- Robust Investment Returns: The Administration’s investment portfolio recorded an impressive 10.5% return, generating $5.4 million in net investment income.
- Increased Collections & Compliance: Total contribution collections grew by 13.4% to $26.3 million, bolstered by government wage adjustments and an aggressive recovery of $800,000 from delinquent tax accounts.
- Fiscal Responsibility: Strict monitoring of administrative operations resulted in a 6% budget surplus for the year.
“These audit results underscore our team’s commitment to fiscal responsibility, transparency, and the stable management of the funds entrusted to us by the citizens of the FSM,” said the Administrator Leon Panuelo, Jr.. “While we continue to monitor long-term sustainability challenges, these milestones provide a secure foundation moving forward.”
The full financial report, including Management’s Discussion and Analysis (MD&A), is open to the public and can be viewed directly on the official FSMSSA website.
You can find us on the web at www.fsmssa.fm. Or you can e-mail us at info@fsmssa.fm.