Title 7 — Government Employees

(a) The government shall make contributions to the Fund each year on an actuarially funded basis as determined by the Board. Based on actuarial assumptions adopted by the Board, the actuary, with approval of the Board, will determine the normal cost contribution percentage payabl…

(a) Each member of the Fund shall contribute 2.85 percent of the salary earned and accruing to such member subsequent to the operative date. Beginning 1 October 1981, each member of the Fund shall contribute to the Fund each fund-year 3 percent of compensation earned and accruing…

An employee who is ineligible for membership in the Fund shall not have any deduction made from his salary for a contribution to the Fund. History: 1971, PL 12-29 § 13; 1972, PL 12-48 § 4.

(a) An individual account shall be maintained for each member, to which shall be credited the amounts of his contributions and regular interest thereon. (b) Regular interest on such contributions shall be credited annually, at the close of each year, and shall be allowed only on …

Each member shall, by virtue of the payment of contributions to the Fund, receive a vested interest in such contributions, and, in consideration of such vested interest, shall be conclusively deemed to undertake and agree to pay the same and to have the amounts deducted from his …

The right to a retirement annuity, or refund, is personal to the recipient, and the assignment or transfer of such benefit or any part thereof shall be void, except as otherwise provided in this chapter. No annuity or refund shall answer for debts contracted by the person receivi…

(a) Any member whose employment is terminated for any reason other than retirement is entitled to the return of all contributions he has made plus regular interest. Refund is made upon application by the member on a form provided by the board. (b) Acceptance of this refund termin…

An active member may not withdraw any of his accumulated contributions during his employment. History: 1971, P 12-29 § 11.

(a) Notice. All employees must be advised of their eligibility for normal or early retirement upon attaining the necessary age and creditable service. However, failure to receive the notice shall not prevent the retirement or postpone the retirement date. (b) Voluntary Retirement…

(a) Each member shall receive an annual service retirement annuity on retirement equal to 2 percent of the average annual salary of the member multiplied by his total years of service up to a maximum of 30 years. Effective immediately and payable from October 1, 2008, as applicab…

(a) Should a member in either an active or inactive status die prior to actual retirement, his accumulated contributions plus interest to the date of death shall be paid to his survivors as provided in this section. Should a retired member die before the annuity paid equals the a…

(a) The reserves of the Fund in excess of requirements for current operations shall be invested and reinvested by or under authority of the Board of Trustees. At its discretion, the Board may designate one or more of its members to supervise this function; in either case, referen…

A member or an employee of the Board may not have any direct or indirect interest in the income, gains or profits on any investment made by the Board, or receive any pay or emolument for services in connection with any investment made by the Board. A member or an employee of the …

An adequate system of accounts and records shall be established and maintained for the Fund. It shall fully reflect the requirements of the provisions of this chapter, and shall be integrated, to the extent possible, with the accounts, records and procedures of the government, to…

The costs and expenses of the administration of the Fund, including any custodial and audit fees incurred in connection with the financial operations of the Fund are paid by the Fund. History: 1971, PL 12-29 § 18; 1972, PL 12-48 § 10; amd 1985, Amendments: 1985 deleted “shall be …

Every 5 years an actuarial survey and investigation shall be made of the operating experience of the fund, including a study of the rates of mortality, disability, retirement and separations, and of other essential factors relating to the operations of the Fund. The survey also p…

(a) A person who knowingly makes any false statement, or falsifies, or permits to be falsified, any record or records of the Fund in any attempt to defraud the Fund, shall be sentenced as for a class D felony. (b) In addition to the penalty in subsection (a), the government has a…

As used in this chapter, unless the context clearly requires otherwise: (1) ‘Treasurer” means the Treasurer of American Samoa: (2) “Government” means the American Samoa Government: (3) “Employee” mean persons who are employed by the government in all occupational classifications;…

The Government, through a Board of Trustees, may establish a compensation plan in accordance with section 457 of the United States Internal Revenue Code of 1954, as amended, for the benefit of employees to defer a portion of their compensation to a future period of time. Particip…

(a) The authority to establish the plan and make this chapter effective is vested in the Board of Trustees for the government deferred compensation plan. The Board shall be placed within the Office of Manpower Resources for administrative purposes. (b) The Board shall adopt such …

The Board of Trustees shall consist of 7 members as follows: (1) the Director, who shall serve as its chairperson, ex officio; (2) the Treasurer, ex officio; (3) five other persons, 3 of whom shall be government employees and who are participants of the plan, representing employe…

(a) Except for the Director and Treasurer, the members of the Board shall be appointed by the Governor and shall serve terms of 4 years each; provided, that of the trustees first appointed upon establishment of the Board, one shall be appointed for one year, one shall be appointe…

Each trustee shall serve without compensation but shall be reimbursed from the Fund for any necessary expense incurred in the performance of duties. History: 1986, PL 19-55 § 1.

The Attorney General or his designee shall be the legal advisor of the Board. History: 1986, PL 19-55 § 1.

Assets of the plan, including funds deferred, investments, property and rights purchased with such funds, and any interest or income attributable to such funds, are restricted assets of the government employees who are participants of the plan. Such assets may not be used for any…

The Board may create a trust or other special funds for the segregation of funds or assets resulting from compensation deferred and for the administration of the plan. Funds held by the Board pursuant to a plan established under this chapter shall be invested in investment produc…

The Treasurer shall be the custodian of the Funds created under the plan. All payments from the Fund shall be made by the Treasurer only upon vouchers signed by the Chairperson of the Board and countersigned by other members of the Board designated by the Board. History: 1986, PL…

The Government shall not be liable for the sums deferred or the results of any investment. History: 1986, PL 19-55 § 1.

Compensation deferred pursuant to a plan established under this chapter shall be deemed regular compensation for the purpose of computing contributions to or benefits under existing retirement, pension, or social security systems applicable to participating employees, but shall n…

Costs for implementing and administering the plan shall be borne by the plan and its participants, except for incidental expenses such as the cost of payroll deductions, and the routine processing of forms which shall be borne by the American Samoa Government. History: 1986, PL 1…