Guam Administrative Code

§ 4A109. Summary of DB 1.75 Plan Participation Elections. Effective Date of Transfer Effective Termination of DC Election Date in DB from DC System Election Period 1.75 Plan System Account New Employee 4/1-12/3112017 1/112018 1/1/2018 Yes Election [4/1-1/31/2018 (effective [Emplo…

§ 4A201. Basic Retirement Annuity. (a) A Member of the DB 1.75 Plan who terminates employment after completing at least five Years of Credited Service shall, upon written application to and approval by the Board, be eligible for a Basic Retirement Annuity upon attaining age 62. T…

§ 4A202. Service Retirement Annuity. A Member of the DB 1.75 Plan who terminates employment after completing at least 25 Years of Credited Service shall, upon written application to and approval by the Board, be eligible for a Service Retirement Annuity on or after attaining age …

§ 4A203. Late Retirement Annuity. A Member of the DB 1.75 Plan who terminates employment after attaining age 62 and completing at least five Years of Credited Service shall, upon written application and approval of the Board, be eligible for a Late Retirement 15 Annuity. The Late…

§ 4A204. Disability Retirement Annuity. A Member of the DB 1.75 Plan who incurs a disability shall be eligible for a Disability Retirement Annuity. The Disability Retirement Annuity shall be an annual retirement annuity commencing as date of disability under the normal form of pa…

§ 4A205. Adjustment of Annuity. Any Participant in pay status receiving a Basic, Service, Late, or Disability Retirement Annuity shall receive each year on the anniversary date of the Participant’s Retirement (or other entitlement which serves as the annuity commencement date) an…

§ 4A301. Transfers to Defined Benefit 1.75 Plan. (a) Transfer of Member Account in Defined Contribution System. (1) As described in Article 1, certain members in the Defined Contribution System (or who would otherwise participate as members in the Defined Contribution System) may…

§ 4A302. Service Credits for Transfers to Defined Benefit 1.75 Plan. (a) Defined Contribution System Credited Service. Effective as of the effective date of the transfer of a Member’s Account from the Defined Contribution System to the DB 1.75 Plan (and the corresponding date of …

§ 4A303. Defined Benefit 1.75 Plan Member Death and Survivors Benefits. The death benefit and survivor annuity provisions in connection with a Member’s death under 4 GCA § 8131 through 8135 or other successor provisions shall be applicable to the Defined Benefit 1.75 Plan Members…

§ 4A304. Defined Benefit 1.75 Plan Member Contributions. 23 (a) The Member contribution provisions under 4 GCA § 8186 or other successor provision shall be applicable to Defined Benefit 1.75 Plan Members in a manner no different than the application to Retirement Fund Members who…

§ 4A400. [Note Regarding Defintions.] The following words and phrases under this DB 1.75 Plan shall have the meanings set forth below, unless clearly required otherwise by the context. Otherwise, the words and phrases under this DB 1.75 Plan shall have the meanings as applicable …

§ 4A401. Average Annual Salary. Average Annual Salary means the average of the highest three Plan Years of Salary during the Member’s Years of Credited Service.

§ 4A402. Actuarial Cost of Credited Service. Actuarial Cost of Credited Service means a percentage of historical base salary corresponding to the service for which a Member’s Account is credited with Employer Contributions under the Defined Contribution Retirement System through …

§ 4A403. Board of Trustees or Board. Board of Trustees or Board means the Board of Trustees of the Government of Guam Retirement Fund, which is responsible for the direction and operation of the affairs and business of the Defined Benefit 1.75 Retirement System.…

§ 4A404. Code. 25 Code means the United States Internal Revenue Code of 1986, as amended, and corresponding references to the Guam Territorial Income Tax Code, as may be appropriate.…

§ 4A405. Contributing Employer. Contributing Employer means the following Government of Guam entities, organizations, and departments that are organized and operated in Guam and that employ a Participant: (a) each and every line department or agency of the Executive Branch, (b) e…

§ 4A406. Deferred Compensation Program. Deferred Compensation Program means the Government of Guam Deferred Compensation Program established and operated in accordance with Article 3, Chapter 8, Title 4 of the Guam Code Annotated, and inclusive of modifications in the terms and c…

§ 4A407. Defined Benefit 1.75 Retirement System or DB 1.75 Plan. 26 Defined Benefit 1.75 Retirement System or DB 1.75 Plan means the Government of Guam Defined Benefit 1.75 Retirement System established and operated under this Article 5. The Defined Benefit 1.75 Retirement System…

§ 4A408. Defined Contribution System. Defined Contribution System means the government of Guam Defined Contribution Retirement System established and operated in accordance with Article 2, Chapter 8, Title 4 of the Guam Code Annotated and inclusive of modifications in the terms a…

§ 4A409. Director. Director means the Director of the Government of Guam Retirement Fund as appointed by the Board in accordance with Section 8140 of Article 1, Chapter 8 of Title 4 of the Guam Code Annotated.

§ 4A410. Effective Date. The effective date of the Plan is January 1, 2018. 27

§ 4A411. Employee. An individual who is employed by a Contributing Employer and treated as an “employee” on the payroll of the Contributing Employer. “Employee” specifically does not include the following: (a) persons whose services are compensated on a fee basis; (b) independent…

§ 4A412. Excess Account Balance. Excess Account Balance means the amount by which a Member’s Account balances in Section 8208 (Member’s Contributions) and Section 8209.1(a) (Rollover of Member’s Contributions from Section 8164(a)) of Article 2, Chapter 8, Title 4 of the Guam Code…

§ 4A413. Existing Retirement System. Existing Retirement System means the Government of Guam Retirement Fund established and operated in accordance with Article 1, Chapter 8, Title 4 of the Guam Code Annotated and exclusive of modifications in the terms and conditions of the Exis…

§ 4A414. GCA. The Guam Code Annotated. Unless otherwise specifically provided, references to the GCA shall mean references to Title 4 of the GCA.

§ 4A415. Government. The Government of Guam.

§ 4A416. Member. 28 Member or Defined Benefit 1.75 Plan Member means any person who meets the eligibility requirements for membership in the Defined Benefit 1.75 Retirement System as described in GCA Section 8502 and who participates in the Defined Benefit 1.75 Retirement System.…

§ 4A417. Plan Year. Each 12-month period ending December 31.

§ 4A418. Salary. (a) The Employee’s stated rate of base pay which is authorized by the Employer’s personnel action. Salary excludes any amounts exceeding the Employee’s stated rate of base pay and any amounts that constitutes non-based pay, whether or not such amounts are paid in…

§ 4B100. [Note Regarding Definitions.]

§ 4B1001. Funding. (a) The Plan shall be funded on a current basis from Employer Contributions in accordance with 4 GCA § 8303. All amounts of Compensation deferred pursuant to the Plan, all property and rights purchased with such amounts and all income attributable to such amoun…

§ 4B1002. Separate Investment Funds. (a) Plan Administrator May Establish Investment Options. The Plan Administrator may, in its sole discretion, create one or more separate Investment Options having such different specific investment objective as the Plan Administrator shall fro…

§ 4B1003. Loans To Participants. A Participant who is an Employee may apply for and receive a loan from his or her Account balance as provided in this Section 4B1003 or pursuant to a loan policy executed by the Plan Administrator. Any such loan may not be for an amount less than …

§ 4B101. Account. “Account” shall mean the aggregate of the accounts maintained for each Participant which represents his interest in the Plan and which shall include any account described in Section 4B401.

§ 4B102. Alternate Payee. “Alternate Payee” shall mean any Spouse, former Spouse, child, or other dependent of a Participant recognized by a domestic relations order as having a right to receive all, or a portion of, a Participant's benefits under the Plan.…

§ 4B103. Beneficiary. “Beneficiary” shall mean any person designated by a Participant to receive benefits upon the death of such Participant as described in Article 8.

§ 4B104. Board of Trustees. “Board of Trustees” shall mean the Board of Trustees of the Government of Guam Retirement Fund, as described 4 GCA § 8301(b).

§ 4B105. Code. “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and mirror provisions of the Guam Territorial Income Tax Code.

§ 4B106. Compensation. “Compensation” shall mean all cash compensation for services to the Employer, including salary, wages, fees, commissions, bonuses, and overtime pay, that is includible in the Employee’s gross income for the calendar year, plus amounts that would be cash com…

§ 4B107. Deferral Election. “Deferral Election” shall mean the election made by a Participant described in Section 4B301(a).

§ 4B108. Director. “Director” shall mean the Director of the Government of Guam Retirement Fund, as described in 4 GCA § 8301(d).

§ 4B109. Effective Date. “Effective Date” shall mean January 1, 2018, the effective date of this amendment and restatement of the Plan, except as otherwise provided herein. The prior version of the Plan was effective as of January 1, 2002. The original effective date of the Plan …

§ 4B110. Elective Employer Contributions. “Elective Employer Contributions” shall mean the contributions to the Plan by the Employer as described in Section 4B301. However, the term shall mean only pre-tax Elective Employer Contributions (and not Roth Contributions) where the con…

§ 4B1101. No Assignment. Except as otherwise provided in Section 4B1102 below, in accordance with 4 GCA § 8308(c), the interest herein of any Participant, former Participant, or Beneficiary, shall not be subject to alienation, assignment, pledging, encumbrance, attachment, garnis…

§ 4B1102. Qualified Domestic Relations Order. The provisions of this Article 11 shall not prevent the creation, assignment, or recognition of any individual’s right to a benefit payable with respect to a Participant pursuant to a Qualified Domestic Relations Order (“QDRO”). The P…

§ 4B111. Election Period. “Election Period” shall mean the period within which a Deferral Election is made as described in Section 4B301(b).

§ 4B112. Employee. “Employee” shall mean any person employed by the Employer.

§ 4B113. Employer. “Employer” shall mean the Government of Guam, and any entity in the Government of Guam described in 4 GCA § 8301(f), including the following government entities, organizations or departments that are organized and operated in Guam: (a) each and every line depar…

§ 4B114. Employer Contributions. “Employer Contributions” shall mean the aggregate of contributions made to the Plan by the Employer as described in Article 3.

§ 4B115. GCA. “GCA” shall mean the Guam Code Annotated. Unless otherwise specifically provided, references to the GCA shall mean references to Title 4 of the GCA.