Definitions

As used in this Article, unless the context otherwise requires: CH. 8 RETIREMENT OF PUBLIC EMPLOYEES

(a)“Deferred Compensation Program” or “Program” means the government of Guam Deferred Compensation Program created and established by this Article.

(b)“Board of Trustees” or “Board” means the Board of Trustees of the government of Guam Retirement Fund, which is responsible for the direction and operation of the affairs and business of the Program. Title to all assets and income of the program shall be held in trust by the Board or by a Qualified Custodian for the exclusive benefit of members and their beneficiaries.

(c)“Code” means the United States Internal Revenue Code, as amended, and corresponding references to the Guam Income Tax Code, as may be appropriate.

(d)“Director of the Government of Guam Retirement System” or “Director” means the Director of the Government of Guam Retirement Fund as appointed by the Board in accordance with § 8140 of Article 1, Chapter 8 of Title 4 of the Guam Code Annotated.

(e)“Member of the Government of Guam Deferred Compensation Program” or “Member” means any person who is employed by an Employer in the government of Guam and who is a member of either the Government of Guam Retirement Fund established in Article 1 of this Chapter or the Government of Guam Defined Contribution Retirement System established in Article 2 of this Chapter, with the exception of any person who participates under a Code § 403(b) plan sponsored by the employer.

(f)“Employer” or “Employer Unit” means the following government entities, organizations or departments that are organized and operated in Guam: each and every line department or agency of the Executive Branch, every autonomous and semi-autonomous agency or instrumentality, every public corporation, every educational institution, whether secondary or post-secondary, the Legislative Branch, the Judicial Branch, the Public Defender Corporation and every public entity hereafter to be created by law, within Guam which has employed or employs a member.

(g)“Qualified Custodian” means a bank as described in Code § 408(n), or person other than a bank that satisfies the requirements of Paragraphs (2)-(6) of U.S. Treasury Regulations 211.408-2(e), or the Board in its capacity as trustee of the Program in accordance with Code § 457(g).

(h)“Section 457” means §457 of the United States Internal Revenue Code, as amended, and corresponding references to the Guam Territorial Income Tax Code, as may be appropriate.