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Terms Used In 4 Guam Code Ann. § 8505

  • 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.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
75 Plan Member Disability
Retirement Annuity.

(a) Amount of Disability Retirement Annuity. Notwithstanding the otherwise applicable formula under § 8125 or other successor provision, the amount of basic disability retirement annuity for a Defined Benefit 1.75 Plan member under the Retirement Fund shall be fifty percent (50%) of average annual salary based on the average three (3) highest annual salaries received the member during that member’s years of credited service. For purposes of defining “”salary”” and “”average annual salary”” under § 8104(i) and (j), respectively, with respect to the determination of the basic disability retirement annuity payable to a Defined Benefit 1.75 Plan member, the term “”salary”” shall mean the member’s base salary excluding all non-base compensation.

(b) Automatic Increases in Annuity for Disability Retirement Annuity. Any Defined Benefit 1.75 Plan member receiving a recomputed disability retirement annuity under the Retirement Fund shall receive each year on the anniversary date of the member’s retirement or entitlement, an automatic sliding scale increase in the member’s annual basic disability retirement annuity as applicable under the Retirement Fund pursuant to § 8129 or other successor provision.