Powers and Duties of the Board of Trustees

The Board has all powers necessary to effectuate the purposes of this Article.

(a)The Board is authorized and empowered to take any and all required action, including, but not limited to,

(1)making decisions concerning plan design and adoption of the plan,

(2)entering into contracts with third parties for actuarial, insurance, custodial, annuity, legal and administrative, and other products and services, all of which shall be intended to implement the welfare benefit plans consistent with the intent of this Article.

(b)The Board shall authorize the company or companies with whom it contracts to make available the welfare benefits under the plans adopted herein.

(c)The Board may borrow monies to effectuate the purposes of this Article, including, but not limited to, monies loaned from the Government of Guam Retirement Fund for interim financing for survivor death insurance and pre-retirement disability insurance premiums offered to members of the Defined Contribution Retirement System.