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Merry Christmas, Retirees!

 
East Ender
(@east-ender)
Expert

Well, there are lots of ways to spend government money. This one is the choice! http://stthomassource.com/content/news/local-news/2013/11/13/christmas-bonus-vi-government-retirees

I thought Lottery money was supposed to go to education?

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Topic starter Posted : November 14, 2013 10:39 pm
DanielB_STX
(@DanielB_STX)
Advanced Member

Well, I guess that they don't feel that education comes first.............mighty sad day......and some of the students can't even spell the words that I just typed........??????

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Posted : November 14, 2013 10:46 pm
poodle
(@poodle)
Trusted Member

...what would be good to see here...what bonuses are actually paid and to whom. If the majority of GVI workers get $50 bucks, then one can only imagine what the Big Boys are getting...hmmm

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Posted : November 14, 2013 10:46 pm
speee1dy
(@speee1dy)
Expert

and why do they get a bonus? and is it true that cigna dropped the government and now the government has to find a new health insurance provider?

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Posted : November 15, 2013 12:37 pm
Beeski
(@beeski)
Trusted Member

Better spend it fast, GERS just pissed away another $19.5mil on a "risky" investment:
http://virginislandsdailynews.com/news/gers-loans-19-5m-to-orbitel-telecomm-company-1.1582359

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Posted : November 15, 2013 1:57 pm
Alana33
(@alana33)
Expert

They get the bonuses so that those that sponsored this bill and voted for it will continue to get those peoples votes.
Financially irresponsible legislation? You betcha!

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Posted : November 15, 2013 2:50 pm
speee1dy
(@speee1dy)
Expert

now that makes sense

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Posted : November 15, 2013 3:24 pm
mtdoramike
(@mtdoramike)
Trusted Member

Well, I guess that they don't feel that education comes first.............mighty sad day......and some of the students can't even spell the words that I just typed........??????

I tried to make that argument to my nephew a while back and his response was "Isn't that why we have spell check, no one hand writes anymore, it's all on computer DUHHHHHHH".

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Posted : November 16, 2013 12:22 pm
East Ender
(@east-ender)
Expert

There was an article in the Daily News yesterday (can't link it) that said the Lottery has run out of cash reserves and can only pay half of the mandated Christmas present. LOL!

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Topic starter Posted : November 16, 2013 1:48 pm
BeachcomberStt
(@BeachcomberStt)
Trusted Member

V.I. Lottery Office gives GERS less than half of mandated payment for annual retiree bonuses

BY AMANDA NORRIS (DAILY NEWS STAFF) Published: November 14, 2013 ST. THOMAS ­-

The Government Employees Retirement System has announced that an annual bonus payment will go out to eligible retirees on Nov. 22, but GERS administrator Austin Nibbs refused to specify how many retirees are eligible for an evenly divided portion of a $1,091,093 payment from the Virgin Islands Lottery. Additionally, future bonus payments may be in jeopardy as V.I. Lottery Director Conrad Francois II reported that the lottery has exhausted its cash reserves, leaving a $1,178,907 gap between the Lottery's legislatively mandated target and its contribution to the retirement system.

The payments to GERS are part of a total of $4.9 million that the system is obligated to give the V.I. government annually, Francois said.Under V.I. Code, the Lottery is to transfer not less than $2.27 million from its annual net income to GERS for the bonus payments. However, the transfer is subject to the availability of funds, and the entire amount is not always sent.

The GERS revenues come from 10 percent of the video gaming revenue, but Francois said that the Lottery has not met the $2.27 million ceiling since 2010. When the Lottery's revenue did not match the legislative mandate of $2.27 million, the Lottery would make up the difference from its cash reserves, but that has not been possible since 2010, Francois said. "We have complied in the past from our cash reserves, and we no longer have that capacity," Francois said. "We are operating at a loss. We have not been able to generate any net income," Francois said of the Lottery's overall financial state.
Francois said the Lottery's financial troubles will not affect payments to Lottery winners.
However, regarding whether the financial situation jeopardizes other mandated payments to the V.I. government, Francois said, "We will cross that bridge when we come to it."
Francois would not say how large the projected shortfall between revenues and obligations is.
Nibbs said Thursday he would not answer questions about the bonus payments, leaving it unclear how much each retiree can expect to receive. "We are not going to do that," Nibbs said about specifying the number of eligible retirees. "I don't want to state something that is going to be inaccurate."

A GERS press release issued Thursday states that retirees will receive their payments, less 25 percent withholding taxes, Nov. 22, which is the Friday before Thanksgiving. Only retirees who are 60 and older and have been receiving an annuity for at least one year are eligible for the bonus, according to the release.

Francois said that the Lottery contributed a similar amount last year. In 2011, each bonus amounted to $183.04 gross, or $137.28 net. Bonus payments used to be issued by Sept. 30, but last year Gov. John deJongh Jr. signed a law giving GERS until Nov. 30 to make the payments.

- Contact Amanda Norris at 714-9104 or email anorris@dailynews.vi.

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Posted : November 16, 2013 2:22 pm
vicanuck
(@vicanuck)
Expert

A Christmas bonus? Wow.

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Posted : November 18, 2013 12:24 pm
vicanuck
(@vicanuck)
Expert

A Christmas bonus? Wow.

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Posted : November 18, 2013 12:24 pm
vicanuck
(@vicanuck)
Expert

A Christmas bonus? Wow.

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Posted : November 18, 2013 12:24 pm
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