Northern Mariana Islands Pension System Files For Ch. 11

Law360, New York (April 18, 2012, 9:54 PM ET) -- The Northern Mariana Islands Retirement Fund filed for Chapter 11 protection Tuesday, saying that after years of "chronic underfunding" by the U.S. territory's government, it will be broke by July 2014 unless it can cut its payment obligations to retirees. 

The administrator for the fund, which provides retirement benefits for the Northern Mariana Islands' 2,400 public retirees in place of the U.S. Social Security system, said in a court filing the fund must reduce or defer benefit payments by 58 percent to remain a going concern....
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