Employer Contributions

(a)[No text]

(1)Each employer shall, pursuant to § 8208, make a contribution to each member’s account with respect to each member whose employment commenced on or after October 1, 1995, or who transfers to the Defined Contribution Retirement System pursuant to § 8207, which is equal to five percent (5%) of such member’s base pay. In addition, each participating employer shall match the first five percent (5%) of each member’s base pay. On and after January 1, 2018, these contributions herein shall be increased to six and two tenths percent (6.2%) of such member’s base pay.

(2)The amounts contributed herein shall vest in accordance with the vesting schedule set forth in of § 8210(c).

(b)Furthermore, prior to the adoption of welfare benefit plans for pre-retirement disability and survivor death benefits in Article 4 of this Chapter, each participating employer shall also make a contribution to the Ancillary Benefit Account for the sole purpose of financing pre-retirement disability insurance and survivor death insurance premiums, in an amount equal to a designated percentage of such member’s base pay, the percentage to be determined on a quarterly basis by the Board within its sole discretion, in an amount not to exceed two percent (2%) of each member’s base pay. CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(c)Each participating employer shall ensure that its employer or member contributions are made within five

(5)working days. In the case of an officer or an employee of the government of Guam, any unpaid employer contribution shall be a government debt, contracted as a result of a casual deficit in the government’s revenues, to be accorded preferred status over other expenditures.