4 Guam Code Ann. § 8120
Terms Used In 4 Guam Code Ann. § 8120
- 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 fifteen (15) years of total service;
(b) If he or she is a member of the uniformed personnel, he or she shall, upon retirement, be placed one rank grade above that held by him on the date of retirement;
(c) If he or she has completed thirty (30) years of service, he or she may retire and shall be entitled to full retirement annuity;
(d) At his option, whether active or inactive, he or she may retire after twenty-five (25) 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%) for 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.
SOURCE: GC § 4210.1, as added by P.L. 16-009 (May 4, 1981).