(a) Normal and Early Retirement. At any time after a member reaches the early retirement age of fifty-five (55) years and has completed five (5) years of employment for vesting purposes, or reaches the normal retirement age of sixty-five (65) years, that person may elect to receive retirement benefits by notifying the Board, or its designee, in writing, of such intention not less than sixty (60) days prior to the effective date of retirement. Retirement payments shall commence as soon as practicable after retirement in accordance with the Defined Contribution Retirement System Plan ) Document.

(b) Disability. In the event of disability, a member may elect to receive a distribution of the member’s vested account balances as soon as practicable after termination of employment due to disability as defined in the Defined Contribution Retirement System Plan Document; provided, that any distribution of the member’s vested account balances will render the member ineligible to receive any pre-retirement benefits provided under any long-term disability insurance policy issued pursuant to § 8213 or Article 4 of this Chapter. In the event of disability after termination of employment, a member may elect to receive a
distribution of that member’s vested account balances as soon as
practicable after certification of said disability in accordance with the Defined Contribution Retirement System Plan Document.

(c) Death. In the event of a member’s death, distribution of the member’s vested account balances to the member’s beneficiaries shall be made as soon as practicable after death in accordance with the Defined Contribution Retirement System Plan Document.

(d) Other Termination of Employment. In the event of termination of employment for reasons other than retirement, disability or death, a member may elect to receive a distribution

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of the member’s vested account balances as soon as practicable after termination of employment.

SOURCE: Repealed/reenacted by P.L. 25-157:9 (July 10, 2000). Entire section amended by P.L. 26-162:12 (Sept. 4, 2002). Amended by P.L. 28-
141:7 (July 18, 2006).

2014 NOTE: Pursuant to the authority granted by 1 Guam Code Ann. § 1606, the reference to Title in subsection (b) was altered to reflect the existing codification structure.

NOTE: With respect to the amendment of this section, P.L. 28-141:11 provides: “”This enactment shall take effect retroactively as of October 1,
2005, except as expressly provided herein.””