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Case: Retirement Plans/Unpaid Contributions (3d Cir.)

April 12, 2021, 8:19 PM

A court order forcing the Virgin Islands’ government to contribute about $68 million toward the retirement system covering the islands’ government workers must be recalculated, the U.S. Court of Appeals for the Third Circuit ruled. The plan was wrongly awarded more than $43 million in interest and penalties based on an invalid, retroactive application of Virgin Islands law, the court said. The court also said that it has no authority to force the government to contribute the billions of dollars necessary to make the system actuarially sound. The Government Employees Retirement System is underfunded by about $3 billion and could...

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