Early Retirement Credit

Any person who is a current member of the Fund may apply for and receive up to five

(5)years of retirement credit provided that:

(a)the person apply for such credit within six

(6)months of the effective date of this Act;

(b)the person pay into the Retirement Fund an amount equal to their annual employee’s contribution to the Fund at the time of their application, multiplied by the number of years of credit they are applying for, or sign a promissory note at an interest rate not exceeding the actuarially determined required rate of return to pay such amount in full within three

(3)years of the date of the note;

(c)the person is a member of the Defined Benefit Plan or the Defined Contribution Plan;

(d)the employee has never previously retired under the Defined Benefit Plan or the Defined Contribution Retirement System;

(e)no employee shall be permitted to actually retire under this Early Retirement Credit any sooner than ninety

(90)days after notifying the Director of the Retirement Fund of one’s intent to retire under this Act;

(f)the person complies with this Section and all other provisions of this Act, and retires on a service retirement annuity within six

(6)months after applying and qualifying for the early retirement credit; and

(g)the person has any of the following:

(1)twenty

(20)years of service credit for retirement purposes prior to the purchase of additional retirement credit pursuant to this Act; or

(2)fifteen

(15)years of service credit for retirement purposes prior to the purchase of additional retirement credit pursuant to this Act, and is a member of the uniformed services of the government of Guam. CH. 8 RETIREMENT OF PUBLIC EMPLOYEES