House approves Retirement Fund bill in 2nd reading

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By a vote of 8-4, the House of Representatives approved in second reading the administration bill to raise the amount of the Retirement Fund monies that can be invested in the territory.

The vote was a show of hands and the four who opposed the bill were Vailoata Amituana’i, Chairman of the House Retirement Committee, Sala Dr. Mataese Samuelu, Veevalu Meauta Mageo and Toeaina Faufano Autele.

The eight who voted for the bill are Gafatasi Afalava, Fialupe Fiaui Lutu, Faimealelei Anthony Allen, Kitara Vaiau, Vailiuama Steve Leasiolagi, Manumaua Wayne Wilson, Vesi Fautanu and Timusa Tina Lam Yuen.

Vui Florence Saulo was present but she didn’t vote yes or no.

Absent were Sam Meleisea and Matagi David Mauga, and Vaetasi Tuumolimoli Moliga who is off island due to illness.

Committee Chairman Vailoata had recommended that the bill be left with committee to await reports that the committee had requested.

He said ASTCA had not provided the requested info and an actuary report that was received from the Retirement Office was the same one which lawmakers received last year.

Vailoata said that investing Retirement Fund monies was a good move however they also needed to respond to the cry of retirees who haven’t received a cost of living increase in 2-3 years.

He asked that the bill be left with committee to work out with the Retirement Fund officials other options and a way forward.

But Vice Speaker Fetu Fetui didn’t think there was any harm to the Retirement Fund if the bill is passed.

He said if the Hawaiki Cable is successful it will bring benefits for retirees and members of the Fund.

He wanted the bill to be voted on.

His motion for a second reading of the bill was approved and the bill cleared second reading in the House by a vote of 8-4.