NIS milestones

• 2001 – NIS hosted two Retirement Planning Financial seminars.

There were training seminars for staff members (locally, regionally, and internationally).

The NIS Sports and Cultural Club participated in the Caribbean Games in Grenada and placed 1st. {{more}}

The NIS Sports & Cultural Club participated in the Local Table Tennis Tournament and placed 2nd in that Competition.

New pension payment system:

•Long term pensions are now paid fortnightly.

•Automatic processing of pension cheques.

The fifth Actuarial Review was completed:

Summary of Recommendations:

(1) The current contribution rate of 6% will be adequate to finance the NIS operations until the year 2016.

(2) The increase in the value of the NAAP to $25 per week should be in effect weeks after June 30th, 2002.

(3) Pensions awarded prior to January 1, 2002 be increased 3% for every year (or part thereof) from the latter of December 31st, 1999. Maximum increase of 6% increase in benefits to be paid weeks after June 2002.

(4) Effective January 1st, 2003, the ceiling on insurable earnings should be increased to $3770 per month or $870 per week.

(5) Effective June 30th, 2002, the Maternity Grant should be increased to $500.

(6) Effective June 30th, 2002, the Funeral Grant be increased to $3,600 and funeral grants regarding the death of dependants be increased by 20%.

(7) Effective June 30th, 2002, the minimum pension should be increased to $55.

(8) Effective June 30th, 2002, the minimum pension for survivors should be increased by 10%.

(9) The Scheme should continue to improve compliance because it will need many active contributors to support the growing number of pensioners.

• The Launching of “NIS on Wheels”.

The introduction of the NIS in-house Debating Society.

• Net Income:

l18.7 million.

• Total Reserves:

258.3 million.