Senate President Tuaolo Fruean introduced a bill today which would change the composition of members of the Board of Directors of the American Samoa Government Employees Retirement Fund.
The bill proposes that five, instead of four members of the 7 member board, be members of the Reitement Fund and two, instead of three, shall not be members of the Fund but must have experience in the private sector/business community.
According to the bill it’s imperative to have a fully staffed Board of Directors for the Retirement Office in order to conduct business and it is important these board members be fully invested in protecting the Retirement Fund and helping it to grow.
To ensure members who are fully vested in the Retirement Fund, “it is essential that they are actual members of the Retirement Fund with their own retirement accounts.”
The bill goes o. to say that members of the Board of Directors of the Retirement Fund who have their own money in the Fund will be “motivated to do all they can to ensure the success of the Retirement Fund.”
The bill’s sponsor, Senate President Tuaolo, has been a member of the Retirement Fund Board for the last four years.
Also today, senators gave unanimous approval to three cabinet directors being nominated by the governor for the board of the American Samoa Economic Development Authority.
Chief Procurement Officer Ti’alemasunu Mikaele Etuale, Director of Commerce Peti Matila and Public Works Director Faleosina Voigt all received unanimous votes, 12-0.
