4 Guam Code Ann. § 8131
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In 4 Guam Code Ann. § 8131
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(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:
52
COL 8/23/2023
4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES
(1) A refund of the total amount of contributions made by the member, including regular interest; and
(2) If the member was an employee at the date of death, a single sum death benefit payment in the amount of One Thousand Dollars ($1,000).
(b) Payment of these refunds and benefits shall be made to a beneficiary or beneficiaries designated by the member in a nomination filed with the Board, or if no such designation has been made, payment shall be made to the estate of the member.
SOURCE: GC § 4214, as repealed and reenacted by P.L. 11-171.
2018 NOTE: Subsection/subitem designations added/altered pursuant to authority by 1 Guam Code Ann. § 1606.