4 Guam Code Ann. § 8217
Terms Used In 4 Guam Code Ann. § 8217
- 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.
(1) For fiscal years beginning October 1, 1995, and October 1, 1996, the Board of Trustees may assess an amount up to four percent (4%) of the employer and member contributions.
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(2) For fiscal years beginning October 1, 1997, and thereafter, the Board of Trustees may assess an amount up to two percent (2%) of the employer and member contributions.
(b) Any amounts collected under § 8217(a), but not needed for administrative expenses, including start-up costs of the plan, shall be allocated to member accounts.
(c) Use of Forfeitures. For fiscal years beginning October
1,2001 and thereafter, the Board of Trustees shall use the aggregate amount of forfeitures released from the suspense
account described in § 8210(e) at the end of each fiscal year to pay
for the plan’s administrative expenses, including start-up costs of the plan, and to reduce administrative fees or charges paid by participants under § 8217(a).
SOURCE: Subsection (c) added by P.L. 26-013:2 (May 18, 2001). Amended by P.L. 28-141:9 (July 18, 2006).
NOTE: P.L. 28-141:9 amends § 8217 retroactively to Oct. 1, 2001.