GERS still spending more than it brings in; $14.2 million deficit in August
Published: September 21, 2012
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ST. THOMAS - The territory's pension system continues to pay out more than it takes in and must liquidate some of its investments to keep up.
The Government Employees Retirement System board was told Thursday that in August $5.2 million was collected in employer contributions and $2.9 million was collected in employer contributions, but $18.8 million was dispersed in annuity payments.
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