4 Guam Code Ann. § 8405
Terms Used In 4 Guam Code Ann. § 8405
- 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 Board is authorized and empowered to take any and all required action, including, but not limited to,
(1) making decisions concerning plan design and adoption of the plan,
(2) entering into contracts with third parties for actuarial, insurance, custodial, annuity, legal and administrative, and other products and services,
all of which shall be intended to implement the welfare benefit plans consistent with the intent of this Article.
(b) The Board shall authorize the company or companies with whom it contracts to make available the welfare benefits under the plans adopted herein.
(c) The Board may borrow monies to effectuate the purposes of this Article, including, but not limited to, monies loaned from the Government of Guam Retirement Fund for interim financing for survivor death insurance and pre- retirement disability insurance premiums offered to members of the Defined Contribution Retirement System.
2018 NOTE: Subsection/subitem designations added pursuant to the authority of 1 Guam Code Ann. § 1606.