4 Guam Code Ann. § 8138
Terms Used In 4 Guam Code Ann. § 8138
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- 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.
- Contract: A legal written agreement that becomes binding when signed.
(b) Upon the election and appointment of additional trustees, the Board of Trustees shall consist of seven (7) members as follows:
(1) Elected Retirees: Two (2) retirees who are domiciled in Guam and are currently in receipt of a retirement annuity from either the Defined Benefit Plan or the Defined Contribution Retirement System, to be elected only by retirees of the Defined Benefit Plan or the Defined Contribution Retirement System. Retirees who are employed
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4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES
by, or under contract with, the government of Guam shall, regardless of their employment status, remain eligible to vote for Elected Retirees and/or to serve as Elected Retirees on the Board of Trustees.
(2) Elected Active Members: Two (2) members of either the Defined Benefit Plan or the Defined Contribution Retirement System (A) who are employed and have been employed for at least five (5) years by the government of Guam; and (B) who are contributing to either the Defined Benefit Plan in accordance with § 8136 of this Article or to the Defined Contribution Retirement System in accordance with § 8208 of this Chapter, to be elected by members of the Defined Benefit Plan and participants in the Defined Contribution Retirement System.
(3) Appointed Residents: Three (3) persons who are domiciled in Guam, two (2) of whom are not employed by the government of Guam, and one (1) of whom shall be a government employee in the classified service, all with demonstrated financial ability and broad business management or investment experience, ideally in investment or management of pension funds, to be appointed by I Maga’lahen Guåhan with the advice and consent of I Liheslaturan Guåhan.
(4) Elected Officials and Retirement Fund Employees Disqualified. Any person holding an elected office and any employee of the Retirement Fund shall be disqualified from serving on the Board of Trustees.
SOURCE: GC § 4220, as amended by P.L. 14-154 (Dec. 18, 1978). Repealed/reenacted by P.L. 26-131:2 (Sept. 17, 2002). Subsection (b) amended by P.L. 27-005:IV:22 (Feb. 28, 2003). Entire section amended by P.L. 27-043:2 (Nov. 14, 2003) to provide for elected members. Subsection (b)(4) amended by P.L. 27-104:4 (June 30, 2004).