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FSMSSA Administrator joins Leadership Conference in Pollap

FSM Social Security Administrator participated in the Northwest Leadership Conference in Pollap, Chuuk on April 9-11, 2018. Present at the conference were Congress Speaker Simina, Congressman Robson U. Romolow (representative of Northwest Islands), traditional and government leaders of Chuuk State. Administrator Narruhn was invited by Speaker Simina to participate in the event, whereas, a presentation on Social Security matters was presented. Administrator Narruhn presented on the types of benefits offered, which included Retirement, Disability, Spouse and Children, Lump Sum and Foreigners. The processes for each claim were as well presented as well as eligibility criteria on each certain type of benefit. Questions and concerns were raised from the public regards to claim processing and other uncertainties including the number of beneficiaries benefiting from the system as up to date. Currently, FSMSSA is serving 6,640 plus beneficiaries.

 

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FSM Social Security hosting Administrator’s Conference

The unity conference between 3 Social Security Administrations, namely FSMSSA, ROPSSA, ROPCSPP and MISSA took place in Pohnpei on May 17-18, 2018. Present at the conference were MISSA reps including Administrator Saane Aho, Deputy Administrator & COO Bill Joseph, IT Manager Jr. Joseph and Amelia Timon, Finance Manager. ROPSSA was represented by its Information System Specialist Mr. Jonathan U. Eberdong and Mr. Elliot Udui from the Palau Civil Service Pension Plan (CSPP). FSMSSA Administrator Alexander R. Narruhn and Deputy Francky Ilai were both present along with other staff including Internal Auditor Win Thomas, Tax Admin. Officer Catherine Jonas, IT Manager Midion Neth Jr., Pohnpei Branch Manager Leon Panuelo Jr., Claim Officer Kerman Alten, Comptroller Teresita Dayao, and Executive Assistant Luan Laverne Gilmete. At its onset, Chairman of FSMSSA Board of Trustees Mr. Jack Harris conveyed the welcoming remarks by welcoming everyone and shared the happy day’s greetings to everyone present, then guided the conference to proceed. Following self introductions, the first presentation was given by FSMSSA Deputy focusing on the system’s operations and financial status, even specifically to all its functions serving its beneficiaries and all citizens of the FSM. Exchange of ideas and discussions of unclear business took place as well. When there seemed to be misunderstandings, questions were then raised and exchange of ideas was done. Following FSMSSA was the presentation from ROP, Civil Service Pension Plan (CSPP) delivered by Mr. Udui. As mentioned, the CSPP is a defined benefit program and membership of the plan refers to Palauans and Micronesians who are employed by the National and State Government. In place of a Social Security plan in Palau, they also have this pension plan. No difference than the other Social Security pensions, requirements seemed to be similar. The last presentation for the day was given by the MISSA Administrator Saane Aho sharing almost the same topics from previous presentation along with theirs system’s struggles and hardships. Discussion on their reforms and experience studies was shared as well as its results. There was then another discussion and exchange of ideas on management and so on. Conference was back in session and was opened with the Database Migration presentation given by ROPSSA rep, IT Manager Jonathan. The presentation was focused on the new database migration, that both MISSA and FSMSSA were interested going the same path, when ROPSSA has completed their project. It was obvious that the database migration is being worked on by ROPSSA, so the presentation was to help promote the positivity and handful of the new database compared to what is being used now. With the agreement being made between the two Social Security Administrators, when ROPSSA is completed with their migration project in March, training should take place and there will be sharing for the cost as well. ROPSSA would be migrating to the new database by March 2019, so by then they would be ready to show, and have FSMSSA and MISSA hook up. Until then, training for the new Database shall be ready, as the migrated system will be in place. A round table discussion took place after the presentation where they exchanged questions and answers regarding the Database Migration. All ended with an understanding of what was being discussed. Last presentation of the day was on Investments, delivered by Mr. Ross Fowler, CEO, fi360 Pacific, who assists with the Assessment for FSMSSA Portfolio. Mr. Fowler advised all Social Security Programs on how to assess themselves for improvements. All representatives from MISSA, FSMSSA, ROPCSPP came to an agreement that next meeting/conference should be held in Palau, after the Migration of new Database. It was quite clear why Palau should be the next host following the idea that by that time, the Database should be up and running and it could be a good chance for MISSA and FSMSSA to actually see the completed system while in Palau.

 

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FSMSSA selects Mr. Jimmy Mori as Chuuk Branch Manager

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The position of Chuuk Branch Manager was vacant beginning of June 2018 due to the retirement of previous Manager, Mr. Domingko Asor. After a careful selection done by FSMSSA administration, Mr. Jimmy Mori was fortunate to be the individual that best suits the position. His qualifications and especially experience of work in the field of Social Security terms exceeds, leading him to become the new Branch Manager. Mr. Mori was hired at Chuuk Branch Social Security office on November 19, 2001, as the Technical Specialist. He was tasked to be the Assistant Branch Manager for a while until he became the Branch Manager on June 18, 2018. Jimmy had shown dedication and effort in his line of work ever since he began serving the system. With all that, all was paid off that he is now the new Chuuk Branch Manager. Jimmy is a very outgoing and caring person with a personality that shines among his family, friends and colleagues. He has a heart to serve the elders of the FSM, especially the beneficiaries of Social Security. FSMSSA congratulates new Chuuk Branch Manager, Mr. Jimmy Mori.

 

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Chuuk State Branch Manager Domingko Asor retires in 2018

Domingko Asor served FSM Social Security Administration as Branch Manager for Chuuk Branch Office over 6 years. He began working for the program on February 13, 2012. Upon reaching age 65 in June of 2018, Mr. Asor is now retired and no longer serving the FSM Social Security Administration. With 6 years of service, Mr. Asor showed loyalty and dedication in his line of work as the Branch Manager in years. He opted to manage Chuuk Branch office with care and served the people of Chuuk as satisfactory defines. The struggles of a Manager were not easy, yet he managed to serve until his retirement. FSMSSA wishes to convey humble gratitude to Mr. Asor for all the dedicated services contributed to the program and all the people of Chuuk over the past 6 years. Mr. Asor remains part of the program still, as he is now a full time beneficiary to be receiving monthly benefits.

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United States Department of Interior gives grant to Social Security Programs

The Prior Service Trust Fund (PSTF) is a supplemental retirement, disability and survivors’ plan established pursuant to Section 105(m) of U.S Public Law 99-239. It was established to continue to provide benefits to those who worked for the U.S. Navy Administration or the Government of the Trust Territory of the Pacific Islands for at least five years prior to July 1, 1968. In 1987, the United States Congress provided $8 million for initial capitalization of the PSBTF.

Effective April 1, 2006, the Federated States of Micronesia Social Security Administration assumed responsibility for benefit payments made to citizens of the Federated States of Micronesia. Beneficiaries of PSTF total about one thousand and lived in the Northern Mariana Islands, Republic of Palau, Federated States of Micronesia and Marshall Islands. FSM has a total of 450 beneficiaries who are currently receiving Prior Service Benefits.

In May 2016, the United States Department of Interior, Office of Insular Affairs (OIA), awarded additional money to the Prior Service Trust Fund Administration (PSTF) to enact and fully fund an increased cost of living adjustment (COLA) for all existing PSTF beneficiaries. It was an addition to the annual funds being received from OIA to maintain existing payments to PSTF beneficiaries.

In March 2018, the Prior Service Trust Fund (PSTF) was awarded funding through the office of Insular Affairs’ (OIA) Technical Assistance Program. A grant was awarded to fund Prior Service benefit payments to beneficiaries in the Commonwealth of the Northern Mariana Islands, the Federated States of Micronesia, the Republic of the Marshall Islands and the Republic of Palau. The grant included a partial funding award of $460,900 for PSTF benefit payments, will be available for the first six months of the next fiscal year. Additional funding will be awarded after OIA has received full appropriations for Fiscal Year 2018.

FSM Social Security recognizes all who had put in the effort to this success especially, with the help of the FSM National Government through a letter of funding request to the Assistant Secretary of the Interior for Insular Affairs, Mr. Douglas W. Domenech.

Through enthusiasm and support from the national government, PSTF funding remains a benefit to our beneficiaries.

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FSMSS Board of Trustees Meets for CY2017 Annual Investment Review

Annually, the board meets to review the FSMSS investment portfolio with its investment consulting firm, Raymond James. During the meeting, the performance metrics for the previous year are reviewed in detail and presentations are heard from the portfolio’s investment managers. The portfolio has the usual asset classes including US equities, US fixed income, international equities and two alternative investment classes. These classes are further broken down into eight sub classes to allow for the most optimum diversity to ensure that the portfolio achieves a nominal return rate of 7.5% while keeping risk at an acceptable level.

The Annual Investment Review for CY2017 took place in Guam on February 8 and 9, 2018. Present at the meeting were Chairman of the Board and representative of Pohnpei, Jack Harris; Vice-chairman of the Board and representative of Yap, Vincent Tafileluw; representative of the National Government, Kohsak Keller; representative of Chuuk, Nakama Sana; and Administrator Alexander R. Narruhn serving as ex-officio member.
Daniel Roland and Jayson Miyashita of Asia Pacific Group, Raymond James facilitated the meeting as the portfolio’s full time investment consultants.

As of December 31, 2017, the portfolio was valued at $51,456,340 after a stellar year that saw a gain of 15.26%. This rate of return outperformed the policy index which was at 12.15% and exceeded the portfolio’s target performance of 7.5%. The best performing asset classes were stocks or equities which performed quite well during the year in the market overall. 2017 was also a good year for international equities which saw a rate of return of 27.46%.

The money managers that the board met with included representatives from Winslow Capital, Aristotle Capital Management, Tortoise Capital, Renaissance Investment Management, Adelante Capital Management and Garcia Hamilton & Associates.

During the meeting, the board decided to terminate the services of small/mid-capitalization core equity manager Golden Capital Management due to the fact that it had not sent representatives to the annual investment review for the second year in a row. The board decided to transfer 5% of the portfolio under Golden Capital Management to Renaissance Investment Management for investment in the international equity space and authorized the remainder of the funds with Golden Capital Management to be invested in the small/mid-capitalization core index.
The board members were pleased with the performance of the portfolio and encouraged the investment consultant and money managers to continue in their efforts to ensure that the portfolio continued to meet its target earnings.

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FSM Social Security Board of Trustees and Administrator attends APAFS 2017

The Asia Pacific Association for Fiduciary Studies (APAFS) is a Guam based 501(c)3 non-profit educational and charitable association. APAFS was founded in 2000 by a forward thinking group of fiduciaries representing public and private institutional funds from throughout the diverse geographical area of the Asia Pacific
Region. Every year, FSM Social Security Board of Trustees and Administrator came in attendance to the 17th PRIC conferences. As the building body of the system, it had been a priority to extend their knowledge in every corner possible. They attended the educational expertise with APAFS to build more understanding and familiarize with the standards of practice among fiduciaries to continue the care for funds within the Social Security System. As an outcome to attending such conferences, FSMSSA looks forward to their more accomplishments in their learning process as to become AIF designees. The goal of APAFS is to raise the level of understanding and standards of practice among fiduciaries in the region by providing educational programs and opportunities, so that they may provide the most prudent stewardship of the funds entrusted to their care.

As a result, FSMSSA Administrator Alexander R. Narruhn is currently serving as a member of APAFS Board of Governors.

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FSM Social Security Conducts a Survey for its Beneficiaries of Pohnpei, Chuuk, Yap, Kosrae and Abroad

In every two years, FSM Social Security conducts a survey to all receiving benefits from the program, either living in the FSM or abroad. The survey was conducted in all four states and outer islands beginning August and ending November 2017. Per FSMSSA regulations, the survey is the opportunity to update information on each of the beneficiaries, whether still eligible to be receiving benefits or not. Therefore, conducting the survey is the way to be accurately informed.

If you are a current recipient and your benefits suddenly discontinue beginning the month of August onward, the reason is because of the survey. You must fill out the Questionnaire form again after August onward in order to get your benefits back. Records indicated that there are still quite a few number of beneficiaries who are yet to fill and submit their questionnaires. FSMSSA would like to urge all who had not filed the survey to do so in order for your benefits to flow again.

The Questionnaire form may be obtained from our website, www.fsmssa.fm under the Forms section.

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Social Security Administrators holds a Joint Meeting

A joint meeting between three Social Security Systems took place on December 7th, 2017 in Guam, USA. In attendance were FSMSSA Administrator Alexander R. Narruhn, Republic of Palau Administrator Ulai Teltull, and Administrator for Marshal Islands Social Security Saane K. Aho. FSMSSA programmer Jill Derickson and IT Manager Midion Neth Jr. were also present for important purposes. Hence, the purpose of the joint meeting was to amend on possibilities to share cost on a database system. The Fox-pro being used now at FSMSSA is not being supported by Microsoft, therefore, we look forward to changing our software within the next 3-5 years. With efforts, the FSMSSA is in the process of making proposals for grants to assist with funding. While the process of moving into the new program is pending, the three systems had agreed upon using the same database that Palau Social Security is using due to the fact that they all have the same files in each system’s database. FSMSSA and Marshall Islands Social Security had agreed to use the same program as soon as Palau Social Security finalizes their database. Further discussions are in process to accommodate the needs of the three Social Security Programs, which all look forward to a great success.