Special Cost of Living Economic Task Force

(a)There shall be created a Special Cost of Living Economic Task Force (Task Force) within the Office of Finance and Budget. The Task Force shall include the Chairperson of I Liheslaturan Guåhan’s Standing Committee with oversight jurisdiction over the Government of Guam Retirement Fund, who shall serve as the Chairperson; the Chairman of I Liheslaturan Guåhan’s Committee on General Government Operations and Appropriations and/or Vice Chairperson or equivalent Standing Committee, who shall serve as the Vice Chairperson; the Director of the Office of Finance and Budget; the Director of the Bureau of Budget and Management Research; the Director of the Government of Guam Retirement Fund; the Chief Economist of the Department of Labor; the Chief Economist of the Bureau of Statistics and Plans; an Economist from the University of Guam; and a representative from the Guam Chamber of Commerce. The Chairperson may invite others to participate in the work of the Task Force.

(b)The Task Force shall meet initially at the call of the Chairperson and shall set a schedule for further meetings. The Task Force shall develop recommendations that will be sent to I Liheslaturan Guåhan and I Maga’hågan Guåhan for the development and implementation of a system to provide a cost-of-living allowance to government of Guam retirees based on inflationary increases in Guam’s cost of living.