Good day Senate President Milton Potter and other members of the 36th Legislature. I am 
Julio A Rhymer Sr., Director of the Office of Management and Budget.   
Thank you for the opportunity to provide testimony on the legislation that seeks to repeal Title 
3  V.I.C. section 714(g)(1) and  (2) also Title 3 V.I.C. section 763(g) which permits members of 
the Legislature of the Virgin Islands to simultaneously receive a government retirement 
annuity for non legislative government service while collecting compensation for legislative 
service.  
Reason for Repeal  
The reasoning behind this repeal is to start to create parity throughout all branches of 
Government for all employees. This measure also seeks to reduce the burden on the 
Government Employees Retirement System where all employees no matter what branch of 
Government will be collecting one annuity.  
This legislation is long overdue in addressing the practice of double dipping, which is clearly 
the case currently. As you all are aware is the Government of the Virgin Islands had to pledge 
funds from the rum cover over through a matching fund special purpose securitization to 
assist with reducing the risk of the Government Employees Retirement System from going 
insolvent. The annual contribution from the Special Purpose Securitization vehicle is 
approximately $40 million a year. This contribution is schedule for 30 year window and 
potentially extends the life of the retirement system for another 30 years. 
Senators, we need to be mindful that our fiduciary responsibility require us as the financial 
team to look at all aspects of financial matters. As the plan sponsor for Government 
Employee Retirement System, its our responsibility to keep the system solvent for not just 
current retirees but all future retirees for the infinite future. 
Conclusion 
Finally, In closing this legislation does not seek to be punitive but intends to create equity 
amongst all members of the retirement system. Therefore, we appreciate your consideration 
of this important piece of legislation. 
That concludes my testimony and I am available for any questions that you may have 
regarding this important matter.