Contribution by the Government

The Government shall make contributions to the Fund each year on an actuarial funded basis, toward the annuities and benefits herein provided. These contributions shall be equal to the sum of the following:

(a)Government Normal Cost. An annual amount resulting from the application of a rate percent of total salaries of all members representing the present value of the actuarial reserve requirement for membership service, for such year, for service retirement annuity, disability retirement annuity, and annuities to widows and children, and the one-year term premium for the Government’s liability for death benefits, after taking credit for the contributions.

(1)From July 1, 1955 to August 30, 1972, the rate of contributions shall be seven and two hundred eighty-seven thousandths percent (7.287%) of the total salaries of the members participating in the Fund.

(2)From September 1, 1972, the rate of contribution shall be seven and six hundred ninetyseven thousandths percent (7.697%) of the total salaries of the members participating in the Fund.

(3)From July 1, 1976, the rate of contribution shall be eight and six hundred ninety-seven thousandths percent (8.697%) of the total salaries of the members participating in the Fund.

(4)From October 1, 1981, the rate of contribution shall be ten and six hundred ninety-nine thousandths percent (10.699%) of the total base pay of the members participating in the Fund and ten and six hundred ninety-nine thousandths percent (10.699%) of the pay for which members opted to contribute eight and one-half percent (8.5%) as provided in Section 7 of this Act.

(5)From the beginning of the first full pay period following the beginning of the 1992 fiscal year, the rate of contribution shall be six and ten-thousandths percent (6.010%) with respect to both pay and non-base pay for which members opted to contribute as provided in Section 7 of this Act.

(6)From October 1, 1993, the rate of contribution with respect to both base pay and the pay for which members opted to contribute as provided in Section 7 of this Act shall be equal to the Government Normal Cost rate percent determined in the latest completed actuarial valuation prepared for the Board of Trustees by the actuary appointed by the Board.

(b)Government Unfunded, Liability Amortization Cost.

(1)An amount resulting from the application of a rate percent, not less than zero, of total salaries of all members, which will amortize the remaining unfunded liability for prior service as CH. 8 RETIREMENT OF PUBLIC EMPLOYEES of September 30, 2024, and for any changes thereto calculated as of each subsequent September 30th thereafter, over one or more amortization periods, each period not to exceed fifteen

(15)years from the September 30th upon which the applicable remaining unfunded liability is calculated.

(A)[Implicitly repealed by P.L. 38-120:2 (Apr. 8, 2026).]

(B)[Implicitly repealed by P.L. 38-120:2 (Apr. 8, 2026).]

(C)[Implicitly repealed by P.L. 38-120:2 (Apr. 8, 2026).]

(D)[Implicitly repealed by P.L. 38-120:2 (Apr. 8, 2026).]

(E)[Implicitly repealed by P.L. 38-120:2 (Apr. 8, 2026).]

(F)[Implicitly repealed by P.L. 38-120:2 (Apr. 8, 2026).]

(2)The amount of contributions by the Government shall be determined by applying the applicable percentage rate of contributions as hereinabove prescribed to the total salaries paid to the members during each payroll period, and all such amounts shall be paid into the Fund following the close of each payroll period, concurrently with the contributions made to the Fund by the members. For purposes of this Section, the term total salaries of members shall be interpreted to include Base Pay, as defined in 4 GCA § 8301(l), of members participating in the Government Defined Contribution System.

(c)An amount resulting from the application of a rate equal to average rate of return on the investment of retirement funds in the preceding fiscal year of total delinquent payments during the period when such payments are delinquent. In addition an amount equal to one percent (1%) per year of delinquent payments shall be paid over the Fund as penalty for late payment. As used in this Section, “delinquent payments” means payments due the Fund pursuant to 4 GCA § 8136 and Subsections

(a)and

(b)of this Section which are not paid over to the Fund within ten

(10)working days after issuance of payroll checks.

(d)In addition to all other contributions made by the government to the Retirement Fund pursuant to this chapter, the government shall pay as an additional contribution to the Fund one percent (1%) of the total salaries of all members, effective October 1, 1988 through the last full pay period prior to enactment of this Section. These payments shall be first applied towards any unfunded liability of the Fund, if there be any.

(e)[No text]

(1)[No text]

(A)From October 1, 2000, the Government rate of contribution for agencies receiving appropriations from I Liheslaturan Guåhan and for Federally funded programs shall equal 18.6%.

(B)From October 1, 2001, the government rate of contribution for agencies receiving appropriations from I Liheslaturan Guåhan and for Federally funded programs shall equal 85% of the sum of the contribution rates required under §§ 8137(a) and 8137(b) up to a maximum of 19.8016%.

(C)From October 1, 2002, the Government rate of contribution for agencies receiving appropriations from I Liheslaturan Guåhan and for Federally funded programs shall equal twenty-six percent (26.0%). CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(D)From March 1, 2003, the Government rate of contribution for agencies receiving appropriations from I Liheslaturan Guåhan and for Federally funded programs shall equal eighteen percent (18%) and thereafter shall be one hundred percent (100%) of the sum of the contribution rates required under § 8137(a) and adopted by the Board pursuant to § 8137(b).

(2)[No text]

(A)From October 1, 2000, the government rate of contribution for autonomous agencies not receiving appropriations from I Liheslaturan Guåhan shall equal one hundred percent (100%) of the sum of the contribution rates required under §§ 8137(a) and 8137(b) up to a maximum of twenty-one percent (21%).

(B)From October 1, 2002, the government rate of contribution for autonomous agencies not receiving appropriations from I Liheslaturan Guåhan shall equal one hundred percent (100%) of the sum of the contribution rates required under §§ 8137(a) and 8137(b) up to a maximum of twenty-six percent (26%).

(C)From March 1, 2003, the government rate of contribution for autonomous agencies not receiving appropriations from I Liheslaturan Guåhan shall be eighteen percent (18%), and thereafter shall equal to one hundred percent (100%) of the sum of the contribution rates required under § 8137(a) and adopted by the Board pursuant to § 8137(b).

(f)The debt service relative to the Thirty Million Dollars ($30,000,000) for Fiscal Year 2002 for the supplemental annuity benefits; cost of living allowance; I Maga’hågan/Maga’låhen Guåhan and I Sigundo Maga’hågan/Maga’låhen Guåhan’s pensions; retiree group health, dental and life insurance premiums; retiree life insurance subsidy; and Medicare premiums shall be paid from the 1.2016% increase in Employer Contributions for Fiscal Year 2002 over the FY2001 contribution rate of 18.6% for positions funded by Public Law Number 26-035, as amended by Public Law Numbers 26-036 and 26-047.

(g)[No text]

(1)For Fiscal Year 2002, separately, the Guam Power Authority, the Guam Telephone Authority, the Guam Waterworks Authority, the A. B. Won Pat International Airport Authority, the Guam Economic Development Authority, the Guam Housing Corporation, the Government of Guam Retirement Fund, the Port Authority of Guam, and the Guam Visitors Bureau shall remit to the Government of Guam Retirement Fund an amount equal to the number of employees which are retired from each entity multiplied by the amounts of:

(A)Four Thousand Two Hundred Thirty-eight Dollars ($4,238.00), known as the sum of the One Thousand Two Hundred Dollars ($1,200.00), One Thousand Five Hundred Dollars ($1,500.00), Seven Hundred Dollars ($700.00) and Eight Hundred Thirty-eight Dollars ($838.00) supplemental annuity benefits formerly contained in various General Appropriation Acts; and

(B)One Thousand One Hundred Dollars ($1,100.00), known as the latest cost of living adjustment.

(2)Each of the above listed entities shall also remit to the Government of Guam Retirement Fund the amounts necessary to defray the cost of Medicare premiums for Retirees of those agencies and their survivors who are eligible to receive social security income benefits and are required under the government of Guam group health insurance program to pay such premiums to continue to participate in such health insurance program, failing which they are excluded therefrom (to continue existing programs contained in the monthly payments). CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(3)The remittances required herein shall be made in two

(2)equal installments and shall be due on or before December 31st and March 31st, respectively. The Government of Guam Retirement Fund shall promulgate, continue and amend, if necessary, previous administrative procedures to ensure the proper submission, receipt and accounting of all sums remitted in conformance with this section.

(h)[No text]

(1)Board’s Power to Enforce. The Board of the Government of Guam Employees’ Retirement Fund may file in Superior Court a Petition for Writ of Mandate to compel any government official who is so obligated to pay or transfer money to the Retirement Fund for employee or employer contributions to the Fund.

(2)Remedies. At the court’s discretion, failure to comply with a Writ of Mandate issued pursuant to this Section after notice and a hearing shall be subject to contempt of court proceedings.

(3)Costs and Attorney’s Fee. If the Board’s petition is granted, the court shall award costs and a reasonable attorney’s fee, which shall be paid from funds of the official’s agency.

(4)Dismissal after Payment. If payment of the delinquent amount is made within fifteen

(15)days after filing the petition for Writ, the petition shall be dismissed.