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Requesting dissapproval of C.B. No. 15-52
This petition was published by Herman Semes on Mar 07, 2009
We, the undersigned, call on President Manny Mori to disapprove C.B. No. 15-52 and return it to Congress for more comprehensive study of the FSMSSA. The study should include performance and financial audit of the over all FSMSSA and on the performance of the individual branch offices.
The long-term sustainability of FSMSSA is widely supported by current and future beneficiaries of the program. Every effort should be made to ensure that the program in sustainable and that intended beneficiaries are not penalized by having to increase quarters from 39 to 50 to be "fully insured" and to increase retirement age from 60 to 65.
The life span of Micronesians do not justify increasing retirement age to 65. The rationale of retiring people at 60 is to let them be able to do things on their own to enjoy their retirement and to allow the young, educated Micronesian to enter the workforce.
C.B. 15-52 work against this rationale. Additionally, Congress did not attempt to find solutions to the external factors that contributed to problems that led to the introduction of the bill. The Committee Report did not explain clearly the public hearings held on the bill in the various states and the position of each State on the bill.
The amendment to Section 603 (9) to clarify who may be an "employer" may well discourage people who wish to invest in a corporate entity for "limited liability" protection. If this bill becomes law, the president and shareholders of the corporation with 30% interest will be jointly and severally liable. This is certainly not creating a favorable investment climate in FSM.
Based on the foregoing, Pohnpei Concerned Citizens Forum respectfully submits this Petition to support our request that you disapprove C.B. No. 15-52 and return it to Congress to conduct more comprehensive, in depth study of FSMSSA to ensure its long-term sustainability with least burden on the current and potential beneficiaries.
The long-term sustainability of FSMSSA is widely supported by current and future beneficiaries of the program. Every effort should be made to ensure that the program in sustainable and that intended beneficiaries are not penalized by having to increase quarters from 39 to 50 to be "fully insured" and to increase retirement age from 60 to 65.
The life span of Micronesians do not justify increasing retirement age to 65. The rationale of retiring people at 60 is to let them be able to do things on their own to enjoy their retirement and to allow the young, educated Micronesian to enter the workforce.
C.B. 15-52 work against this rationale. Additionally, Congress did not attempt to find solutions to the external factors that contributed to problems that led to the introduction of the bill. The Committee Report did not explain clearly the public hearings held on the bill in the various states and the position of each State on the bill.
The amendment to Section 603 (9) to clarify who may be an "employer" may well discourage people who wish to invest in a corporate entity for "limited liability" protection. If this bill becomes law, the president and shareholders of the corporation with 30% interest will be jointly and severally liable. This is certainly not creating a favorable investment climate in FSM.
Based on the foregoing, Pohnpei Concerned Citizens Forum respectfully submits this Petition to support our request that you disapprove C.B. No. 15-52 and return it to Congress to conduct more comprehensive, in depth study of FSMSSA to ensure its long-term sustainability with least burden on the current and potential beneficiaries.
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