Voluntary Participation in System

(a)Any member with less than twenty

(20)years service credit, recognized under the existing system, may, upon written election, voluntarily elect membership in the Government of Guam Defined Contribution CH. 8 RETIREMENT OF PUBLIC EMPLOYEES System, on a prospective basis, on or after October 1, 1995. Said member of the existing retirement system, upon election to withdraw that person’s contribution plus interest, must then deposit such funds into the Government of Guam Defined Contribution Retirement System; and as a result thereof, such member’s years of service credit in the existing system shall be applied towards the years of employment service for vesting purposes under § 8210 of this Article, and no further benefits will be payable to such member under the existing retirement system.

(b)Members electing to transfer to the Defined Contribution Retirement System will have their transfers effective at the end of the first pay period following the month of transfer. Employees will have sixty-five

(65)months after enactment of this legislation, and between March 1 and May 31 of every year, beginning in the year 2002, in which to elect to transfer to the Defined Contribution Retirement System. After having made such election, the employee may not change such election or again become a member of the existing retirement system. Any member who does not select one

(1)option or the other at the end of the sixty-five

(65)month period, except as provided for in this Section, shall be deemed to have irrevocably elected to be a member in the existing system.

(c)Notwithstanding

(a)and

(b)above, for employment commencing prior to October 1, 2005, any employee whose employment is purely temporary, seasonal, intermittent or part-time may accept or reject membership and shall become a member only upon submission of a written request to the Board for membership; this option shall expire on October 1, 2005 at which time membership in the Defined Contribution Retirement System shall be mandatory unless the employee is eligible for readmission to the existing retirement system.