82.1 F
Charlotte Amalie
Friday, February 23, 2024
HomeNewsArchivesSoftware Glitch Delays Easier Rules on GERS Loan Refinance

Software Glitch Delays Easier Rules on GERS Loan Refinance

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.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.

Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.

UPCOMING EVENTS