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Bill

36-0066

An Act amending title 29 Virgin Islands Code, chapter 15 by adding a section 928a providing that all officials and employees of the Virgin Islands Public Finance Authority and its wholly owned subsidiaries must be members of the Government Employees Retirement System of the Virgin Islands

2025-2026 Regular Session

Mandates GERS membership for all Virgin Islands Public Finance Authority officials, employees, and subsidiaries, aligning their retirement coverage with the government system.

Introduced
0
WeVote Research Nonpartisan
Bill Summary · 36-0066

Summary of Bill 36-0066

Overview

Bill 36-0066 proposes a statutory amendment to Title 29 of the Virgin Islands Code, adding a new section (928a) in Chapter 15. The core requirement is that all officials and employees of the Virgin Islands Public Finance Authority (PFA) and its wholly owned subsidiaries must be members of the Government Employees Retirement System of the Virgin Islands (GERS).

  • Bill Number: 36-0066
  • Title: An Act amending Title 29 Virgin Islands Code, Chapter 15 by adding a section 928a
  • Purpose: Mandate GERS membership for PFA officials and employees and those of its subsidiaries
  • Status: Introduced

Purpose and Intent

The bill aims to align retirement coverage for PFA personnel with the broader government workforce by bringing them under GERS. This would standardize retirement benefits, eligibility rules, and contribution arrangements with the established government retirement system.

Key Provisions

  • Create new Section 928a within Title 29, VI Code, Chapter 15.
  • Require mandatory GERS membership for:
    • All officials of the Virgin Islands Public Finance Authority
    • All employees of the Virgin Islands Public Finance Authority
    • All employees of the Authority’s wholly owned subsidiaries
  • Details on contributions, vesting, and benefit calculations would be governed by GERS rules and existing retirement-system provisions (not specified in the summary).

Affected Entities

  • Virgin Islands Public Finance Authority (PFA)
  • PFA’s wholly owned subsidiaries
  • PFA officials and employees (current and future, by virtue of the provision)
  • GERS (as the governing retirement program)

Legislative History and Timeline

  • Received: February 24, 2025
  • Assigned: February 25, 2025
  • To Senate: March 18, 2025
  • Introduced: March 28, 2025 Note: The chronology lists multiple “introduced” and referral actions, indicating movement through initial stapling and committee processes typical of bill referrals.

Potential Impacts

  • Pension Coverage: PFA personnel would gain access to GERS retirement benefits, including eligibility for pension and related protections.
  • Fiscal Implications: Employer and employee contributions to GERS would be required for PFA staff, potentially affecting payroll costs and funding needs. Government budgeting would need to account for any transition costs and ongoing contributions.
  • Administrative Changes: PFA and subsidiaries would interface with GERS for enrollment, records, and benefit administration, possibly altering HR processes.
  • Policy Alignment: Brings PFA more closely in line with other government employees regarding retirement security and benefit governance.

Next Steps

  • The bill would proceed through committee consideration, potential amendments, and floor votes in the VI Legislature. Stakeholders may seek analyses on cost, transition timing, and impact on PFA operations.

Compiled from official sources — confirm details with the bill’s official record.

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