(a) The Director may employ such clerical, medical or other assistance as shall be necessary for the proper administration of the fund.

(1) The Director may also engage actuarial or other professional service to assist in the preparation of the annual reports, to advise in matters of policy and to make the periodic actuarial surveys.

(2) The costs and expenses of the administration of the fund including any audit fees incurred in connection with the financial operation of the fund shall be paid out of said fund, provided that any payments related to the management of the investment account such as investment counseling service and custodial fees shall be a direct charge to Investment Income.

(3) At least once every five (5) years an actuarial survey and investigation shall be made of the operating experience

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of the fund, including a study of rates of mortality, disability, retirement, separation and other essential factors relating to the operations of the fund.

(A) Such survey shall also provide for a verification or redetermination of the rates of contributions by the Government.

(B) The cost of such survey shall be paid from the fund.

(b) The Board of Trustees may employ an attorney to assist and represent it in all civil matters, including civil litigation matters, which concerns the Board. The Board of Trustees may set the terms and conditions of employment for the attorney and his compensation.

(c) The position of Controller is established within the Government of Guam Retirement Fund. The Controller shall be a Certified Public Accountant. The Controller shall report directly to the Government of Guam Retirement Fund Director. The Retirement Fund Director shall hire the Controller by direct employment as an unclassified employee of the government of Guam, or by personal services contract, as is deemed necessary by the Retirement Fund Director and approved by the Government of Guam Retirement Fund Board of Trustees to attract and retain a qualified Controller, notwithstanding the provisions of 4 Guam Code Ann.. § 6206.1.

SOURCE: GC § 4223, as amended by P.L. 13-199 (Nov. 11, 1976) and
17-028:9 (Nov. 10, 1983). Subsection (c) added by P.L. 26-084:11 (May
15, 2002). Subsection (b) amended by P.L. 28-189:2 (Jan. 29, 2007).

2018 NOTE: Subitem designations added in subsection (a) pursuant to authority granted by 1 Guam Code Ann. § 1606.