Guam Administrative Code

§ 4B116. Investment Options. “Investment Options” shall mean the investment options made available by an Investment Sponsor and designated pursuant to the terms of the Plan as being available for the investment of Accounts under this Plan.…

§ 4B117. Investment Sponsors. “Investment Sponsors” shall mean an insurance company, regulated investment company, or other entity providing Investment Options under the Plan.

§ 4B118. Normal Retirement Age. “Normal Retirement Age” shall mean age 70½, unless the Participant has elected an alternate Normal Retirement Age and delivered such election to the Plan Administrator prior to beginning use of the Special Catch-Up Limitation as described in Sectio…

§ 4B119. Normal Retirement Date. “Normal Retirement Date” shall mean the first day of the month coinciding with or next following the Participant's attainment of Normal Retirement Age.

§ 4B120. Participant. “Participant” shall mean any Employee or former Employee who has entered the Plan in accordance with Article 2, and whose Account hereunder has not subsequently been distributed.

§ 4B1201. Amendment of Plan. The Board of Trustees reserves the right to amend the Plan to any extent and in any manner that it may deem advisable. Further, to the extent such authority has been delegated to the Plan Administrator by the Board of Trustees, the Plan Administrator …

§ 4B1202. Termination of Plan. The Government of Guam has established the Plan with the bona fide intention and expectation that the Plan shall continue indefinitely, and that it shall be able to make Employer Contributions indefinitely, but the Government of Guam shall be under …

§ 4B1203. Action Required Upon Plan Termination. (a) Upon the termination of the Plan and after payment of all Plan expenses, including any compensation then due the agents of the Board of Trustees and Plan Administrator, all Participants' Accounts shall be revalued according to …

§ 4B121. Plan. “Plan” shall mean Government of Guam Deferred Compensation Plan, as described in 4 GCA § 8301(a), and as set forth herein and as amended from time to time.

§ 4B122. Plan Administrator. “Plan Administrator” shall mean the person, persons or entity appointed by the Employer to administer the Plan, which shall be the Director pursuant to Section 4B901.

§ 4B123. Plan Year. “Plan Year” shall mean each 12-month period ending on December 31.

§ 4B124. Qualified Custodian. “Qualified Custodian” shall mean a bank, as described in Code Section 408(n), a person other than a bank satisfying the requirements of Treasure Regulation Section 1.408-2(e) relating to the use of non-bank trustees, or the Board of Trustees in its c…

§ 4B125. Qualified Domestic Relations Order. “Qualified Domestic Relations Order” shall have the meaning set forth in Code Section 414(p).

§ 4B126. Rollover Contributions. “Rollover Contributions” shall mean such contributions to the Plan by the Employee as described in Section 4B302.

§ 4B127. Roth Contributions. “Roth Contributions” shall mean Elective Employer Contributions that are designated by the Employee as after-tax Roth Contributions as described in Section 4B301(a).

§ 4B128. Service. “Service” shall mean an Employee’s total period of employment with the Employer.

§ 4B129. Spouse. “Spouse” shall mean, the person to whom the Participant is married if the individuals are in a marriage that is recognized as a legal marriage under the Code. Under this definition, and in accordance with IRS Notice 2014-19 and Revenue Ruling 2013- 17: (a) Effect…

§ 4B130. Trust. “Trust” shall mean the legal entity established pursuant to a written agreement that constitutes a valid trust under applicable state law and held by the Trustee. Trust shall also mean any annuity contracts or custodial accounts described in Section 4B1001.…

§ 4B1301. General. (a) Notwithstanding any provision of the Plan to the contrary, contributions, benefits, and service credits with respect to “Qualified Military Service” shall be provided in accordance with Code Section 414(u) and regulations thereunder. For this purpose, “Qual…

§ 4B1302. Employer Contributions. (a) Additional Elective Employer Contributions. (1) In the case where a Participant is entitled to benefits for Qualified Military Service, the Participant shall be allowed to make a Deferral Election (“Additional Deferral Election”) during the p…

§ 4B1303. Interpretation. The provisions of this Article 14 shall be interpreted and applied by the Plan Administrator in a manner consistent with the requirements of Code Section 414(u) and underlying Treasury Regulations and Internal Revenue Service pronouncements.…

§ 4B1304. HEART Act Provisions. (a) Death Benefits. If a Participant dies on or after January 1, 2007, while on a leave of absence to perform Qualified Military Service (as defined in Code Section 414(u)), the Participant's Beneficiary shall be entitled to any additional benefits…

§ 4B131. Trustee. “Trustee” shall mean the Board of Trustees and any successor duly appointed pursuant to a trust agreement as described in Section 4B1001.

§ 4B132. Valuation Date. “Valuation Date” shall mean the last day of each Plan Year and such other dates as may be designated as provided in Article 4 for valuation of Participants’ Accounts. ---------- ARTICLE 2 PARTICIPATION IN THE PLAN…

§ 4B1401. Participant's Rights. The Plan shall not be deemed to constitute a contract between the Employer and any Participant or to be a consideration or inducement for the employment of any Participant or Employee. Nothing contained in the Plan shall be deemed to give any Parti…

§ 4B1402. Construction. The provisions of the Plan shall be construed and enforced according to the laws of the state in which the Employer was incorporated or otherwise established. However, it is the intent of the Employer that the Plan meet the applicable requirements of the C…

§ 4B1403. Headings. Headings of the Articles and Sections under the Plan are inserted only for convenience of reference and are not to be considered in the construction of the provisions of the Plan.

§ 4B1404. Gender and Number. Wherever any words are used under the Plan in the masculine, feminine, or neuter gender, they shall be construed as though there were also used in another gender in all cases where they would so apply, and whenever words are used herein in the singula…

§ 4B201. Participation Requirements. (a) Eligibility Requirements. (1) Title 4 GCA § 8301(e) provides that any person who is employed by the Employer and who is a member of either the Government of Guam Retirement Fund established in Article 1, Chapter 8 of the GCA or the Governm…

§ 4B202. Employees Excluded. (a) If an Employee participating in the Plan thereafter fails to meet the eligibility requirements of Section 4B201, Employer Contributions on behalf of the Employee shall cease effective as of the effective date of such failure. While an excluded Par…

§ 4B203. Duration of Participation. An Employee who becomes a Participant in the Plan shall remain a Participant (even after termination from Service) for so long as he maintains an Account under which he is entitled to receive benefits under the Plan.…

§ 4B204. Reemployment. A former Employee may become a Participant in the Plan after his reemployment with the Employer in accordance with the participation requirements set forth in Section 4B201.

§ 4B205. Termination of Participation. A Participant shall cease to be a Participant as of the date the Participant receives a total distribution of the vested interest in his Account. ------------- ARTICLE 3 CONTRIBUTIONS…

§ 4B301. Elective Employer Contributions. (a) Deferral Election. In accordance with 4 GCA § 8302(b), participation in the Plan shall be voluntary. Each Participant may make an election (“Deferral Election”) to have the Employer employing him reduce his Compensation by an amount i…

§ 4B302. Rollover Contributions and Direct Rollovers. The Plan Administrator may accept a rollover contribution or a direct rollover to this Plan of an Eligible Rollover Distribution (as defined in Section 4B702(b)(2)(A)) on behalf of an Employee, including an Employee who has no…

§ 4B400. [Note Regarding Definitions.] As used in this Plan, the following terms shall have the meanings hereinafter. 2020 NOTE: This prefatory language has been codified and numbered by the Compiler pursuant to the authority of 1 GCA § 1606.…

§ 4B401. Separate Accounts (a) In General. (1) The Plan Administrator shall establish and maintain separate Accounts for each Participant in accordance with 4 GCA § 8305(f), including an Elective Contribution Account and a Rollover Contribution Account as described in this Sectio…

§ 4B402. Limitation on Contributions. For purposes of this Section 4B402 only, in accordance with Treasury Regulation Section 1.457-2(g), Compensation shall mean, with respect to a taxable year, a Participant’s compensation as defined in Code Section 415(c)(3), for services perfo…

§ 4B501. Vesting of Accounts. A Participant’s interest in the balance of his Elective Contribution Account, Roth Contribution Account, and Rollover Contribution Account shall be fully and immediately vested and nonforfeitable at all times. ------------ ARTICLE 6 VALUATION OF ACCO…

§ 4B601. Valuation. As of each Valuation Date, prior to any allocation of Employer Contributions to be made as of such date, the net income or loss of the Plan's general assets since the preceding Valuation Date, including net appreciation or depreciation and any expenses paid un…

§ 4B602. Valuation of Segregated Accounts. The portion of any Participant's Account invested on a segregated basis as provided in Article 10 shall be valued separately on each Valuation Date and the net income or loss allocated to such Account shall be based on the assets, includ…

§ 4B603. Valuation Date. The General Account, any separate investment funds, and any segregated Account shall be valued as of the last day of each Plan Year.

§ 4B604. Special Valuation Dates at Plan Administrator’s Discretion. The Plan Administrator may determine the fair market value of an Account as of any date other than the last day of a Plan Year in accordance with the provisions of Section 4B602.…

§ 4B605. Method of Valuation. All determinations made by the Plan Administrator with respect to the value of an Account shall be made in accordance with generally accepted principles of accounting, and such determinations when so made by the Plan Administrator shall be conclusive…

§ 4B606. Participant Accounts. The Plan Administrator shall open and maintain separate Accounts for each Participant as described in Article 4, in accordance with 4 GCA § 8305(f). Each Participant’s Account shall reflect the amounts allocated thereto and distributed there from an…

§ 4B607. Statement of Account. As soon as practicable after the end of each Plan Year, and the first day of the fourth, seventh, and tenth month of each Plan Year, the Plan Administrator shall furnish to each Participant a statement of his Account, determined as of the last day o…

§ 4B608. Valuation of Account When Payment Due. The amount of any payment in the case of a distribution from a Participant's Account pursuant to Article 7 shall be based on the value of the Participant’s Account as of the date of the applicable distribution event, in accordance w…

§ 4B701. Distribution Event. In the event of a Participant’s severance from Service, the Participant (or, in the event of the Participant’s death, his Beneficiary) shall be entitled to receive a benefit equal to the vested interest in his Account, the value of which shall be dete…

§ 4B702. Manner of Distribution. (a) Time and Form of Distribution. Subject to applicable law and other provisions of this Plan, distributions may be made in accordance with one of the following payment options: (1) A single lump-sum payment; (2) Installment payments for a period…

§ 4B703. Time Limits for Commencing Distributions. (a) General Distribution Restrictions. Distribution of a Participant’s Account shall be made no earlier than (1) severance from Service in accordance with Section 4B701; (2) the calendar year in which the Participant attains age …