4 Guam Code Ann. § 8142
Terms Used In 4 Guam Code Ann. § 8142
- 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
SOURCE: GC § 4224.
§ 8142.1. Cost of Living Allowance in connection with
Superior Court Case No. SP0206-93; Priority of Payments.
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COL 8/23/2023
4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES
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 Guam:
(a) The COLA Awardee.
(b) If the COLA Awardee is deceased, then the notification shall name the COLA Awardee’s surviving spouse, but only if the surviving spouse is living on the date notice is delivered to the Treasurer of Guam.
(c) If the COLA Awardee’s surviving spouse is deceased, the notification shall name the living beneficiary designated by the COLA Awardee in the Fund’s Designation of Beneficiary Form on record at the Fund. If there are multiple beneficiaries, the notification shall include each living beneficiary and the proportion of the COLA Award paid to each beneficiary shall be based on the percentage stated in the Designation of Beneficiary Form.
(d) If the sole beneficiary designated by the COLA Awardee in the Fund’s Designation of Beneficiary Form is deceased or if the Designation of Beneficiary Form cannot be located within thirty (30) days of the Fund being notified of the COLA Awardee’s death, the notification shall name the COLA Awardee’s Estate or heirs in accordance with Title 4
GCA § 8142.2.
(e) If there are multiple beneficiaries designated by the COLA Awardee in the Fund’s Designation of Beneficiary Form, and if any of them are deceased, the notification shall name each of the living beneficiaries and the deceased beneficiary’s Estate or heirs in accordance with Title 4 Guam Code Ann.
§ 8142.2 regarding the deceased beneficiary’s percentage interest as designated in the Designation of Beneficiary Form.
SOURCE: Added by P.L. 29-004:13 (Sept. 6, 2007).