Marshalls’ retirement fund reform aims to stave off bankruptcy

BY GIFF JOHNSON

Marshall Islands Correspondent

MAJURO, Marshall Islands — Major retirement fund reform legislation that goes into effect on Jan. 1was adopted by the Marshall Islands parliament before it adjourned at the end of September. The bill passed despite significant business and public opposition. Proponents said reform had to be initiated immediately to stave off the retirement fund’s anticipated bankruptcy in five to seven years. Opponents urged the government to consider other means to address the nearly $7 million deficit in revenue to pay beneficiaries this year, including for the government to subsidize the entire deficit.

Key reforms that . . .

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