The V.I. Government Employee Retirement System has had to delay new, easier terms for retirees to refinance personal loans from GERS because of a software problem, according to GERS.
At the November board meeting, GERS Administrator Austin Nibbs recommended waiving GERS’ previous rule that a retiree loan must have been paid down by 50 percent of the original loan before it could be refinanced, and the board agreed. However, that action will have to be delayed. The reason – computer software.
"We have been informed by our software provider, Vitech, that in order to eliminate the 50 percent requirement, a software modification must be made to our system," GERS Public Information Officer Lorraine Gumbs said in a statement released Tuesday.
The changes should be completed by March, she said.
Retirees who fall under the categories below, can apply for a loan, for which they are eligible up to the maximum of $50,000:
• Retirees who have never had a loan;
• Retirees who had a previous loan and no outstanding balance;
• Retirees who have paid down their loan by 50 percent or more of the original loan.