$250,000
MAJURO, Marshall Islands (April 20, 2001 – Marshall Islands Journal)---Social Security cut its administrative expenses by $250,000 in fiscal year 2000, increased the tax collections from employers almost 20 percent, and halted the policy of taking money out of the retirement investment fund to pay retiree benefits.
The Social Security administration is delivering on promises it made to stabilize the retirement fund program when the new board and new management staff came on board a year ago, said acting administrator Jim Ley and board vice chairman Jack Niedenthal.
"When we took over, we promised to cut administrative costs and improve on collections," Niedenthal said. "We’re doing it."
Ley said the 16 percent cut back in administration expenses last year was not hard to do.
"It was mostly board expenses – fees, travel and entertainment," he said.
The current seven-member board accepts no sitting fees, and other costs have been...