4 Guam Code Ann. § 8212
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Terms Used In 4 Guam Code Ann. § 8212
- 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.
(a) The amount of benefit payments a retired member shall receive shall be based solely upon the balance in the member’s account at the date of retirement, the retirement option selected, the actuarial life expectancy of the member, and such other factors as normally govern annuity payments.
(b) The board, or its designee, is authorized upon retirement of a member, upon the election of that member, to purchase an annuity for the member upon his or her retirement.