Title 4, Public Officers and Employees

Should any disability annuitant refuse to submit to a medical examination as herein provided, payments by the fund shall be discontinued until his withdrawal of such refusal, and should his refusal continue for one year, all rights of the member in any disability annuity may be r…

The recomputed disability retirement annuity set forth in § 8125 of this Chapter shall be subject to any of the following applicable non-cumulative additions: (a) Any member receiving a disability retirement annuity shall receive each year on the anniversary date of that person’s…

(a) [No text] (1) Upon complete separation from service before a member shall have completed at least twenty- five (25) years of total service, the member shall be entitled to receive a refund of his or her total contributions, including regular interest, but no payment of intere…

(a) Upon death of a member occurring before his retirement on a service retirement annuity or disability retirement annuity, leaving no persons eligible for survivor annuities as provided in § 8134 of this Chapter the following shall be payable: (1) A refund of the total amount o…

(a) Upon death of a member while in receipt of a service retirement annuity or disability retirement annuity, leaving no person entitled to survivor annuities as provided in § 8134 of this Chapter, the following shall be payable: (1) The total amount of contributions made by the …

Notwithstanding any other provision of this Chapter, upon the death of a member, not in service, who had completed at least twenty (20) years of total service prior to his separation, if a surviving spouse or children survive the member, said surviving spouse or guardian of survi…

Upon the death of a member who has completed at least three (3) years of total service, or upon the death of a member in the line of duty, survivor annuities and death benefits shall be payable to eligible survivors described in Subsection (a) for the applicable term set forth in…

(a) The annual survivor annuity payable under § 8134 shall be determined as follows: (1) Spouse. The annual survivor annuity shall be equal to sixty percent (60%) of the basic retirement annuity or the basic disability retirement annuity earned by the member and accruing to that …

(a) Base Pay. Each member of the Fund shall contribute the following: (1) Six percent (6%) of salary earned and accruing to such member from the operative date to July 1, 1973; (2) Six and one-half percent (6.5%) of salary earned and accruing to such member subsequent to July 1, …

The Government shall make contributions to the Fund each year on an actuarial funded basis, toward the annuities and benefits herein provided. These contributions shall be equal to the sum of the following: (a) Government Normal Cost. An annual amount resulting from the applicati…

The government shall pay the employer’s and employee’s shares for Retirement Fund contributions, group health insurance premiums, and group life insurance premiums for all officers and other employees of the government of Guam who are on leave without pay and on active duty with …

Notwithstanding any other provision of law enacted prior to or subsequent to this Section, cost of living adjustments for members who retire after September 30, 1995 shall be computed by the Government of Guam Retirement Fund and retirement benefit supplements which may be given …

Any government of Guam Employee who elects to apply for retirement shall be authorized to add in the increment(s) which such employee would have received if the freeze mandated by Public Law 23-014 had not been in effect. For purposes of this section, the government of Guam Salar…

(a) The general administration and the responsibility for the proper operation of the Fund, and for making effective the provisions of this Article, shall be vested in a Board of Trustees. (b) Upon the election and appointment of additional trustees, the Board of Trustees shall c…

(a) Classification of Offices. The Board of Trustees shall transition into a seven (7) member board as described in § 8138, consisting of two (2) Elected Retirees, two (2) Elected Active Members, two (2) Appointed Residents who are not employed by nor retired from the government,…

(a) Each Trustee, within ten (10) days after being duly appointed or elected and having received a certificate of election, shall take an oath of office that the Trustee will diligently and honestly administer the affairs of the Board of Trustees, and that the Trustee will not kn…

(a) Four (4) or more board members physically in attendance shall constitute a quorum for all meetings of the Board of Trustees. Each Trustee shall be entitled to one (1) vote as a member of the Board of Trustees. Four (4) affirmative votes taken at a meeting of the Board of Trus…

(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…

(d) The term “net asset value” as used in this Section shall mean the total quoted or estimated market value of all securities or other assets owned, less that total of all determinable liabilities, as reported by such common trust fund, commingled fund, investment trust or mutua…