Act No. 8822 — An Act amending title 3 Virgin Islands Code, sections 717(c) and 766(c) to establish a deadline for the Government Employees Retirement Syst
ACT NO.8 8 2 2 BILL NO. 35-0196 THIRTY-FIFTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2024 An Act amending title 3 Virgin Islands Code, sections 717(c) and 766(c) to establish a deadline for the Government Employees Retirement System to resume the personal loan program, remove the $10,000,000 annual aggregate amount and the 8% interest rate cap, to limit the system’s liability to $75,000, and set a parameter in section 717 so that all loans must be structured such that the payoff date occurs before the member reaches age 70 ---0--- Be it enacted by the Legislature of the Virgin Islands: SECTION 1. Title 3 Virgin Islands Code, section 717(c) is amended as follows: (a) “at 8% interest rate” in the third sentence is stricken and replaced with “at an interest rate set by the Board.” (b) “the retirement age.” is stricken in the sixth sentence and replaced with “age 70.” (c) All the language after “shall be made payable as set by the Board.” in the eighth sentence is stricken. (d) In the third paragraph, first sentence, strike “from time to time” and insert “not to exceed 12%”. …
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