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Mission REPLACE
WITH UPDATED COPY
The Employees’ Retirement System of the
Government of the Virgin Islands was created by Act 479 and
became operative on October 1, 1959 when contributions by
employees and the Virgin Islands Government started. In
accordance with this Act, all regular employees of the
Virgin Islands Government must become members of the
Retirement System as a condition of employment.
Title 3, Chapter 27, Section 718(a) of
the Virgin Islands Code mandates that the System be funded
on an "actuarial reserve basis". This term
generally means that retirement benefits are funded during
an employee’s active employment so that by the time they
retire, the benefits have been funded in advance. In order
to establish the standard for this funding basis, an
actuarial valuation is prepared periodically. The actuarial
valuation, which is conducted every two years by our
Actuary, determines the contribution rates necessary to meet
the cost of benefits being accrued and to pay a portion of
the unfunded liability.
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