Retirement Fund

(a)Officers and employees, excluding part-time student employees, of the University, not otherwise ineligible under the provisions of Chapter 8, Title 4 GCA shall be members of the Retirement Fund. The University shall contribute to the Government of Guam Retirement Fund on the basis of annual billings as determined by the Board of Trustees of Government of Guam Retirement Fund, for the employer’s share of the cost of the retirement benefits applicable to the University’s officers and employees, and their beneficiaries.

(b)The University shall not be liable for any amount except for the annual statutory billings by the Board of Trustees of the Retirement Fund. In the event that the annual statutory billing rate is determined by any external auditor employed by the University to be less than the unfunded accrued liability of the University for Retirement Fund purposes, any such differences between the statutory and actuarial calculations shall be transferred to the Government of Guam General Fund.