4 Guam Code Ann. § 8113
Terms Used In 4 Guam Code Ann. § 8113
- 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.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(a) the person apply for such credit within six (6) months of the effective date of this Act;
(b) the person pay into the Retirement Fund an amount equal to their annual employee’s contribution to the Fund at the time of their application, multiplied by the number of years of credit they are applying for, or sign a promissory note at an interest rate not exceeding the actuarially determined required rate of return to pay such amount in full within three (3) years of the date of the note;
(c) the person is a member of the Defined Benefit Plan or the Defined Contribution Plan;
(d) the employee has never previously retired under the Defined Benefit Plan or the Defined Contribution Retirement System;
COL 8/23/2023
4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES
(e) no employee shall be permitted to actually retire under this Early Retirement Credit any sooner than ninety (90) days after notifying the Director of the Retirement Fund of one’s intent to retire under this Act;
(f) the person complies with this Section and all other provisions of this Act, and retires on a service retirement annuity within six (6) months after applying and qualifying for the early retirement credit; and
(g) the person has any of the following:
(1) twenty (20) years of service credit for retirement purposes prior to the purchase of additional retirement credit pursuant to this Act; or
(2) fifteen (15) years of service credit for retirement purposes prior to the purchase of additional retirement credit pursuant to this Act, and is a member of the uniformed services of the government of Guam.
SOURCE: Repealed by P.L. 18-046:2 (Jan. 2, 1987). Added by P.L. 24-
327:2 (Dec. 30, 1998). Amended by P.L. 25-002:2 (Feb. 17, 1999). Amended by P.L. 25-003:2 (Mar. 25, 1999).
2011 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Lowercase Roman Numerals”” to “”Numbers”” in subsection (g).