Government Makes FirstRetirement Disbursementto 3,000 Teachers for RD$1 Billion

Government Makes FirstRetirement Disbursementto 3,000 Teachers for RD$1 Billion
Santo Domingo, Dominican Republic,1/31/2012

On Tuesday Vice President Rafael Alburquerquemade the first disbursement of a supplemental retirement plan,on the amount of approximately one billion pesos,to teachers who retired by Executive decreestarting in 2010. This retirement plan will benefit over three thousand publicservants of the Ministry of Education (MINERD), through the National Teachers’ Welfare Institute (INABIMA for its acronym in Spanish).

In addition to the teachers covered by this Decreethose who retired afterwards shall also enjoy the disbursement of their retirement plans. The average amount that the first group shall receive is 250 thousand pesos.

The event was held in the Las Cariatides Hall at the National Palace, and was attended by the Minister of the Presidency, Dr. Cesar PinaToribio, and the Minister of Education, Josefina Pimentel, and by INABIMA’s director, Lic. Maritza Rossi.

Dr. Alburquerque handed the first five checks to teachers thatwere covered by thisDecree.Theyare: Minerva Pared López, Mercedes Altagracia Toribio, Mingomio Altagracia Herrera, MilagrosMontes de Oca and Rosa María Paulino.

The first disbursementsinvolved more than 81 million pesos, which were distributed among the first group of 323 retired teachersthat was covered by Executive Decree 357-10, who had accumulated the longest time of teaching service within the system.

In addition to the teachers covered by this Decreethose who retired afterwards shall also enjoy the disbursement of their retirement plans. The average amount that the first group shall receive is 250 thousand pesos.

In the statement she delivered during the ceremony Lic. Pimentel asserted: “This January 31 will be remembered as the day that the first group of teachers in our country receives the Supplementary Retirement Plan, for the first time ever in the history of our national education.”

She added that this plan will benefit those teachers who remain in the system until reaching their retirement, which is intended to reward the effortsof theteaching community, and which has beenestablished by President Leonel Fernandez through Law 451-08.

Shepointed out that the retirement plan is not a courtesy but a victoryachieved by these public servants. It allows them toinitiate a new phase in their lives and to expand their opportunities.

She also explained that retired teachers will continue to enjoy the victories achieved during a lifetime devoted to education, and that the services offered by MINERD through INABIMA shall continue to be available to them.

She reiterated that, although retired teachers are no longer in active service,MINERD will continue its commitment to ensuring their welfare and to raising their quality of life.

Lic. Maritza Rossi, in turn,said that INABIMA feels elated to present this plan for the first time in the history of Dominican education, thanks to the strong support provided by the President and the education authorities.

She reported that the creation and operation of the plan fulfills the mandates provided for in Law 451-08, which amends the General Education Act number 66-97, in terms of the pension and retirement plans that have been approved by the current government.

Lic. Rossi reiterated that the disbursement to retired teachers took place 18 months after contributions to the INABIMA-administered fund started.

According to Article 15 of Law 451-08, the INABIMA created a Supplemental Recapitalization Retirement Plan in order for retired public teachers to receive an amount equal to one-twentieth of the sum of the wages theyearned during the last 20 years they worked for MINERD.

The resources in the retirement plan will derive from contributions that are equivalent to 1.5 percent of the teachers’ salary and 2 percent from the employer, which in this case is MINERD. The institution will need to capitalize these funds.

Lic. Minerva BaretLópez delivered the statement expressing gratitude, whilesinger-songwriter Manuel Jimenez was in charge of themusical program.

Dominican Vice President Rafael Alburquerque delivering a retirement check to teacher Rosa MaríaPaulino. They are accompanied by the Minister of Education, Josefina Pimentel, and the director of INABIMA, Lic. Maritza Rossi.