4 Guam Code Ann. § 8308
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Terms Used In 4 Guam Code Ann. § 8308
- 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.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
(a) The amount of benefit payments that a retired member shall receive shall be based solely upon the balance in the member’s
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COL 8/23/2023
4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES
deferred compensation plan account at the date of retirement, the retirement option selected, the actuarial life expectancy of the member, if applicable, and such other factors as normally govern annuity payments.
(b) The Board of Trustees, 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.
(c) In accordance with 7 Guam Code Ann. § 23111, no amount of deferred compensation is assignable or subject to execution, levy, attachment, garnishment or other legal process.