Title 4, Public Officers and Employees

(a) No Courtesy Resignations. After a gubernatorial election in which there is a change of administration of the government of Guam, courtesy resignations by Trustees elected to the Board of Trustees shall not be requested nor expected by the new administration. (b) Vacancies. (1…

The Board of Trustees is authorized to establish rules and regulations to implement the provisions of 4 GCA §§ 8138 through 8138.4. SOURCE: Added by P.L. 27-043:7 (Nov. 14, 2003).

The Board of Trustees shall have, in addition to other duties arising out of this Chapter, the following duties: (a) establish and maintain an office in the facilities provided by the Government for the meetings of the Board and the keeping of the books, accounts and records of t…

(a) The members of the Board of Trustees stand in a fiduciary relationship to the beneficiaries of the Retirement Fund in regard to the management of the Fund. (b) The members of the Board of Trustees shall discharge their duties with respect to management of the Retirement Fund:…

Any member of the Board of Trustees who violates the provision of § 8139.1 and § 8143(j) of this Chapter shall be removed from the position of trustee of the retirement fund by I Maga’håga/Maga’låhi and shall be personally liable to the retirement fund to the extent of the losses…

The government of Guam shall indemnify and hold harmless any Trustee, Director, officer, staff person, or former Trustee, Director, officer or staff person who may have served as a Trustee, Director or officer of the Fund, in whole or in part, for any liability, loss, damage, cos…

(a) The Board shall appoint the Director of the Fund, who shall be its Chief Executive Officer. (1) The Director of the Fund shall serve at the pleasure of the Board, which shall fix his annual base salary at a minimum of Eighty Thousand Five Hundred Eighty Dollars ($80,580) and …

The Director of the Fund may employ, with the consent of the Board, a Deputy Director with an annual base salary of a minimum of Sixty-six Thousand Three Hundred Sixty-four ($66,364) and a maximum not to exceed the base salary assigned for I Sigundo Maga’hågan/Maga’låhen Guåhan. …

The Director of the Fund is authorized to assist the Director of Administration and the Treasurer of Guam in the administration of COLA AWARD payments in connection with Superior Court Case No. SP0206-93. SOURCE: Added by P.L. 28-151:5 (Oct. 31, 2006). Amended by P.L. 29-004:11 (…

[Repealed.] SOURCE: Added by P.L. 28-151:6 (Oct. 31, 2006). Repealed by P.L. 29-004:12 (Sept. 6, 2007). NOTE: This section was added by P.L. 28-151 in relation to the authorization of the Governor to make COLA payments pursuant to Rios v. Camacho, Superior Court Case No. SP0206-9…

(a) The Director may employ such clerical, medical or other assistance as shall be necessary for the proper administration of the fund. (1) The Director may also engage actuarial or other professional service to assist in the preparation of the annual reports, to advise in matter…

The Board shall establish rules and regulations to implement the provisions of this Chapter which shall not be inconsistent herewith. SOURCE: GC § 4224.

of Payments. The Director of the Fund shall notify the Treasurer of Guam to pay COLA Awards to the following persons in the priority stated herein. The notification shall be based on information available to the Fund as of the date on which notice is delivered to the Treasurer of…

When a COLA Award is authorized to be paid in accordance with this Section, such payment shall be made as follows: (a) If an estate proceeding has been opened for a COLA Awardee and a Personal Representative has been appointed, then the COLA Award (or the applicable percentage th…

The Director of the Fund may reasonably rely on any of the documents enumerated herein to analyze information concerning marriage, death, survivorship, and priority of payments under §§ 8142.1 and 8142.2 if a COLA Awardee or a person next in priority is deceased. The Director’s r…

(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 its Chairman or an investment committee consisting of two (2) or more members …

The Board shall engage one or more custodians to assume responsibility for the physical possession of fund assets or evidences of assets. (a) The custodian shall submit such reports, accountings and other information in such form and at such times as requested by the Board. All c…

(a) In order to secure expert advice and counsel, the Board may engage an investment agent to serve as investment counsel which shall be either an investment counsel or a bank trust department as hereinafter qualified; and one or more investment agents to serve as investment mana…

No investment shall be made if, after such investment, the Fund would own: (a) any combination of obligations of any one political subdivision, corporation or other single issuing entity in excess of ten percent (10%) of Fund assets at cost. This limitation shall not apply to gen…

Bonds or other evidence of indebtedness of any issuing entity, if not authorized for investment by other sections, are authorized under this Section if they are: (a) Unconditionally guaranteed as to principal and interest by another entity; or (b) Secured by a first mortgage and …

Sections 8142 through 8159, inclusive, identify specific types of investments which are authorized for purchase by the fund subject to the procedures, limitations and authorizations contained in §§ 8142 through 8145, inclusive. Nothing contained in any Section shall be construed …

(a) Interest-bearing time deposits, demand deposits, and cash sweep deposit accounts in banks organized under the laws of the United States, or any state or territory thereof; provided, that said bank: (1) has Tier 1 capital in excess of One Billion Dollars ($1,000,000,000); and …

(a) Bonds or other evidence of indebtedness of the United States of America, or any of its agencies or instrumentalities, when such obligations are guaranteed as to principal and interest by the United States of America or by any agency or instrumentality thereof; (b) Debt securi…

Bonds and other evidences of indebtedness which are direct obligations of, or secured by, the full faith and credit of national governments other than the United States, where there exists the power to levy taxes for the prompt payment of the principal and interest of such bonds …

(a) Bonds or other evidences of indebtedness which are direct obligations of or secured by the full faith and credit of, any state or territory of the United States, or the District of Columbia, where there exists the power to levy taxes for the prompt payment of the principal an…

(a) Bonds or other obligations which are payable from revenues or earnings specifically pledged therefore of a public utility, state, municipally or territorially owned, either directly or through civil division, authority or public instrumentality of a state or territory or muni…

(a) Bonds of Domestic Corporations. Bonds, debentures, notes and other evidences of indebtedness of any corporation, or corporations created or existing under the laws of the United States, or of any of the states or territories of the United States, or the District of Columbia, …

(a) Equipment trust obligations or certificates evidencing an interest in or lien upon transportation equipment used or to be used by a common carrier or carriers and a right to receive determined portions of fixed obligatory payments for the use or purchase of such equipment, wh…

(a) Domestic Preferred Stock. Domestic preferred or guaranteed stock or shares of any institution created or existing under the laws of the United States or of any state, district or territory thereof or the District of Columbia; provided that: (1) All publicly held prior obligat…

(a) Common or capital stock of any institution or entity created or existing under the laws of the United States, or any state, district, or territory thereof, or of the District of Columbia, provided that the Investment Agent determines that such an investment would be employed …

(a) Common or capital shares of any investment trust or mutual fund (including any index fund) registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as from time to time amended; provided, that the cost of the shares acquired is no great…

(a) Units or shares of any exchange traded fund (ETF) established as an open-end investment management company or a unit investment trust registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as from time to time amended. Although ETFs m…

(a) Entire first mortgages on improved unencumbered real property located in the United States, any state or territory thereof, or the District of Columbia, provided that the amount loaned does not exceed seventy-five percent (75%) of the fair market value of such property, the w…

In cases of demonstrated need, loans or loan guarantees not secured by real property interests may be made to members of the Retirement Fund who are then currently employed by the government of Guam for the purpose of facilitating purchase and ownership of single-family residenti…

The Director of the Retirement Fund shall institute such arrangements as are necessary with the respective lending institutions to facilitate processing and servicing of the loan or loan guarantee. SOURCE: GC § 4225.18, as added by P.L. 13-056:6 (Sept. 22, 1975). Repealed by P.L.…

For the purposes of obtaining a supplemental loan or loan guarantee to facilitate the purchase, repair, remodeling or extension of an owner-occupied, single-family dwelling by a member of the Retirement Fund, and only for these purposes, the restriction in § 8166 of this Chapter …

An adequate system of accounts and records shall be established and maintained for the Fund that will reflect fully the requirements of the provisions of this Chapter. This system shall be integrated, to the extent possible, with the accounts, records and procedures of the Govern…

All assets of the Fund shall be credited according to the purposes for which they are held in the following designated reserve accounts: (a) Members’ Contribution Reserve. The amounts contributed by the members shall be credited to this reserve, together with regular interest the…

Each member shall, by virtue of the payment of contributions to the system, 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 …

(a) It is the intention of this Chapter that rights to retirement funds, disability or survivor’s annuities or benefits, death benefits, or refund of whatever kind, not be attached by judicial proceeding, or assigned, or transferred for payment of any debt, except for: (1) Court …

(a) Any service retirement annuity, disability retirement annuity or any other annuity provided herein shall be payable in equal semi-monthly installments as life annuities, or as temporary annuities, as the case may be and shall not be increased, decreased, revoked or repealed, …

It is the intention of this Chapter that the payment of the required contributions by the Government shall be an obligation of the Government and all allowances, annuities, benefits and administration, custodial and audit fees shall be paid from the Fund. SOURCE: GC § 4231.

Any person who knowingly makes any false statement or falsifies or permits to be falsified, any record or records of this system, in any attempt to defraud the system, is guilty of a misdemeanor and shall be punishable therefor under the laws of the government of Guam, and the sy…

The provisions of this Chapter shall apply to any person who has served as a member of I Liheslatura or who shall hereafter serve as such a member and any such person shall be considered a member of the Fund entitled to all the benefits of a member based upon the following additi…

Notwithstanding provisions of law, rules, regulations or administrative practices to the contrary, the survivor of a deceased member of I Liheslatura may contribute for subsequent credit for the deceased COL 2026-05-05 member in accordance with the schedule set forth in § 8170 of…

Sigundo Maga’hågan/Maga’låhen Guåhan and Their Survivors. Notwithstanding any provisions of this Chapter to the contrary: (a) Any person who is elected I Maga’håga/Maga’låhi or I Sigundo Maga’håga/Maga’låhi may retire following the completion of her or his term of office as I Mag…