It has been some time since the launch of our website and it is my sincere hope that it has been of added value to our members and others who visit the site. The purpose, for which this site was created, was to inform, educate and communicate essential information regarding our retirement system.
Allow me to share some of the highlights and milestones of the past year. We have been steadfast in our efforts to bring the new retirement and loan software system (V3), to fruition/on-line by year-end, as well as we are working on the implementation of certain changes in the application of our retirement laws. Though hard at work to make these projects a reality, it gives us cause for excitement as this would bring about greater efficiency in our operations and services to our members. It also means that we are moving in the right direction as we strive to ensure the stability and life of the System.
We also saw the first-ever retiree election to the GERS Board of Trustees. We welcome and congratulate Wilbur K. Callender, M.D. (St. Thomas/St. John District) and former Judge, Edgar D. Ross (St. Croix District), while we say farewell and thank you for their years of service, to outgoing Trustees, Ms. Yvonne Bowsky (St. Thomas/St. John District) and Mr. Marvin Pickering (St. Croix District).
Finally, though we have experienced some turbulence in the market over the past years, we are looking ahead at the global economy with cautious optimism given what has happened in Japan, the Middle East and Africa. It is the belief of our Investment Managers that the economic expansion will continue, but feel that growth will slow somewhat this year. Given this, we will continue to look for ways to diversify our portfolio. I am pleased to inform you that in October 2010, the GERS purchased 170 acres of undeveloped land in Estate Coakley Bay on St. Croix. The plan is to develop the property into a residential subdivision, family homes and assisted living facility.
It is our pleasure to serve you and we will continue to communicate and share pertinent information by way of our quarterly newsletter, our website, town hall meetings, and Public Service Announcements.
Thank you for visiting our site!
Austin L. Nibbs, CPA
Administrator