Powers and Duties of the Board of Trustees in the Administration of the Defined

Contribution Retirement System. (a) The Board has all powers necessary to effectuate the purposes of this Article. The Board may contract with an insurance, annuity, mutual fund, or other qualified company or companies to administer the operations of the Defined Contribution Retirement System. In selecting such company or companies the Board shall take into account as its highest fiduciary duty, the proper safeguard and protection of the member and employer contributions, and the interest dividends, or other returns thereon. The Board shall promulgate rules regarding the proper investment of funds. (b) The Board may borrow monies to effectuate the purposes of this Article, including, but not limited to, monies loaned from the Government of Guam Retirement Fund for interim financing for survivor death insurance and pre-retirement disability insurance premiums to the extent that they were offered under the Defined Contribution Retirement System. SOURCE: Added by P.L. 23-042:3 (Sept. 29, 1995). Amended by P.L. 24-200:5 (May 8, 1998); P.L. 26-162:8 (Dec. 31, 2002). 2018 NOTE: Subsection designations added pursuant to authority of 1 GCA § 1606.