4 Guam Code Ann. § 8172
Terms Used In 4 Guam Code Ann. § 8172
- 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.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(a) Any person who is elected Governor or Lieutenant Governor may retire following the completion of his term of office as the Governor or Lieutenant Governor of Guam. He shall be paid from the Retirement Fund by appropriation made by the Legislature notwithstanding the amount of his contributions thereto an annual pension during the remainder of his life in an amount equal to and not to exceed fifty percent (50%) of the annual salary of the Governor or Lieutenant Governor at the time he retires.
(b) If a Governor or Lieutenant Governor shall become physically or otherwise incapacitated he may make application for the pension provided for in the preceding paragraph and be eligible to receive such annual pension for the same amount without regard to age.
(c) Whenever any person who is or has been an elected Governor or Lieutenant Governor shall die and leave a widow surviving him, an annuity shall be paid to such surviving widow, in an amount equal to and not to exceed twenty percent (20%) of the annual salary received by the deceased husband while in office.
(d) In implementing this Chapter with regard to determining annuities, survivors’ benefits and death benefits, the provisions of law set forth in Chapter 8 of the Government Code Annotated, as amended, shall control.
(e) Any elected Governor or Lieutenant Governor may elect to receive other retirement benefits pursuant to Chapter
8 of the Government Code Annotated and upon so electing shall waive the benefits provided by this Chapter.
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4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES
(f) (1) Annually, on or before the start of a fiscal year, the Director of the Government of Guam Retirement Fund shall certify to the Director of the Bureau of Budget and Management Research the amount required to implement the provisions of this Section (but not to include the cost of benefits to be made pursuant to Chapter III, Title V of the Government Code of Guam).
(A) Upon the acceptance of the amount so certified by the Director of Bureau of Budget and Management Research, said amount shall become an appropriation of the Unappropriated Surplus of the General Fund of the government of Guam and, accordingly, shall be so recorded in the books of accounts of the General Fund.
(B) Upon the release of the appropriation by the Director of the Bureau of Budget and Management Research, the Treasurer of Guam shall pay said amount to the Government of Guam Retirement Fund in increments provided by the release of the Director of the Bureau of Budget and Management Research.
(2) Within thirty (30) days after the appropriation is made hereunder, a copy of the instrument thereof shall be furnished to the Guam Legislature.
SOURCE: GC § 4234, added by P.L. 12-196 (Jan. 3, 1975); Subsection
(a) amended by P.L. 14-121 (Apr. 18, 1978) further amended by P.L. 17-
025:III:10 and Repealed and reenacted to prior state by P.L. 17-026:25 (Oct. 6, 1983). Subsection (f) added by P.L. 14-153 (Dec. 1, 1978).
2023 NOTE: Reference to “”Territory”” omitted pursuant to 1 Guam Code Ann. § 420.
2018 NOTE: Subitem designations in subsection (f) added pursuant to authority of 1 Guam Code Ann. § 1606.