Dozens of government retirees filled the courtyard of the Government Employees Retirement System building on St. Thomas Friday to celebrate 65 years of existence. The system’s top administrators used the occasion to declare the GERS was in better fiscal health than it has been in recent years.
A similar ceremony took place Thursday on St. Croix.
However, they said, achieving greater stability was not easy, and the fiscal future was not guaranteed. Nonetheless, officials told the gathering it was time to celebrate.
The V.I. government’s pension system was established on Oct. 1, 1959, as part of the Division of Personnel. System administrator and Chief Executive Officer Angel Dawson compared this year’s anniversary as an achievement many in the audience could relate to.
“We’re 65 years of age … how did you feel when you turned 65, if you turned 65? (sic) Did you feel good? Did you feel grateful that you achieved that milestone? Did you possibly retire? And did you feel that you got a second life after you retired so you could do whatever you want?” Dawson asked.
” … the reason I ask that and the reason that I say that is the GERS has now joined you in that club of 65 years and older. Except we’re 65,” Dawson said, “so we feel as if we have received the gift of a second wind, a second birth, okay? Because turning 65 was not guaranteed.”
He thanked Gov. Albert Bryan Jr. and lawmakers for working out a special purpose financial scheme and funding note that helped the system recover from a crippling deficit. “We have actually in the last year been able to achieve well over 20 percent return on our investments. … We have increased our assets to over $500 million,” the administrator said.
GERS Board of Trustees Chairman Dwane Callwood joined the administrator in praising those elected officials who worked together to see the system through a financial crisis. “ … whether you agree with them or don’t agree with them politically, the fact is what they accomplished was humongous. It was huge, it was large, it was historic. And it is a testament to the unlimited potential we have as a Virgin Islands territory when everybody checked their egos and agendas at the door and come together and collaborate.”
The board chairman also praised the GERS staff, who he said performed well on behalf of the system’s leaders and the retirees they serve.
“We have over 8,700 retirees,” said Chief Operations Officer Asiah Clendinen-Gumbs as she worked on lobby decorations with a team of volunteers. “This retiree system represents 25 percent of our (gross domestic product),” she said.
Senate Vice President Marvin Blyden, joined by Sens. Carla Joseph, Ray Fonseca, Milton Potter, and Dwayne DeGraff, joined the Friday event. Blyden offered congratulations on behalf of the Legislature.
“The GERS … has been a cornerstone of Virgin Islands society since its inception. In the 65 years since it began operations, it has not only been a lifeline that provides for our retirees, but it has powered the entire community,” Blyden said. “As such, the continued struggle to keep the GERS afloat and financial health remains one of our most important tasks in the years to come.”
Those who joined the celebration were treated to a catered lunch, GERS T-shirts and gifts, including a green plastic piggy bank embossed with the pension system logo. Dawson told the retirees their continued support is needed to ensure the system’s longevity.
