DOI OIG VI-EV-OIA-0004-2010: Administrative Functions of the Virgin Islands Government Employees Retirement System
Official seal of the U.S. Department of the InteriorOfficial seal of the Office of Inspector Genera ADMINISTRATIVE FUNCTIONS OF THE VIRGIN ISLANDS GOVERNMENT EMPLOYEES RETIREMENT SYSTEM September 2011 Report No.: VI-EV-OIA-0004-2011 EVALUATION OFFICE OF INSPECTOR GENERAL U.S.DEPARTMENT OF THE INTERIOR SEP .. 27 2011 Memorandum To: Anthony M. Babauta Assistant Secretary fo Insular Affairs From: Mary L. Kendall Acting Inspector Gener Subject: J~ Evaluation Report - Administrative Functions of the Virgin Islands Government Employees Retirement System Report No. VI-EV-OIA-0004-2011 Our recent evaluation of the Virgin Islands Government's Employee Retirement System determined that system to be at critical risk due to a growing unfunded liability of more than $1.4 billion. Factors that have contributed to this situation include insufficient contribution levels, an unhealthy ratio of active to retired members, and unfunded legislative mandates. Without immediate action, the system could default in 14 to 19 years or less. …
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