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Text of Third Circuit Opinion: Government of Virgin Islands Not Obligated to Fund Employees' Pension Plan (PDF)
U.S. Court of Appeals for the Third Circuit 
Apr. 15, 2021 118 pages. "[The district court] determined that the consent judgment does not require the GVI to fund GERS for the delta between its assets and liabilities. We, too, find no anchor for this sweeping duty GERS seeks to impose on the GVI ... Even were we to cut that obligation on a rationale made of whole cloth, the system would remain insolvent. The citizens of the United States Virgin Islands -- population 106,405 -- simply cannot pay the necessary billions. The cure for GERS's chronic underfunding is not judicial but legislative[.]" [Government Employees Retirement System (GERS) of Virgin Islands v. Government of Virgin Islands (GVI), Nos. 20-1749, 20-1766 (3d Cir. Apr. 9, 2021)] |
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