4 Guam Code Ann. § 8119
Terms Used In 4 Guam Code Ann. § 8119
- 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.
October 1, 1981:
(a) He or she may retire on a service retirement annuity, upon written application to and approval by the Board; provided that such member shall have attained at least sixty (60) years of age or fifty-five (55) years of age in the case of a member of the uniformed personnel and shall have completed at least ten (10) years of total service;
(b) If he or she is a member of the uniformed personnel, he or she shall, upon retirement, be placed on rank grade above that held by him on the date of retirement;
(c) If he or she has completed twenty-five (25) years of service, he or she may retire and shall be entitled to full retirement annuity;
(d) Any retired employee who has previously elected to retire and who has completed at least twenty-five (25) years of service shall be eligible for full retirement benefits on and after the effective date of this Act;
(e) At his option, whether active or inactive, he or she may retire after twenty (20) years of service regardless of age. The retirement annuity for any employee or member described in this Paragraph shall be reduced one quarter (1/4) of one percent (1%) of each month such employee or member is under the age of sixty (60) years, from the amount determined for such employee or member as hereinafter provided.
COL 8/23/2023
4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES
SOURCE: GCA § 4210, Repealed and reenacted by P.L. 16-009 (May 4,
1981).