by John Davis, KUAM NewsThursday, December 14, 2006 Subscribe to John's newsfeed
Where's the money? That's the question, at least in the context of paying out public sector retirees their due cost of living retirement allowance, that Government of Guam Retirement Fund board of directors chairman Joe T. San Agustin is asking the Camacho Administration. He says rumors are swirling about the Executive Branch having problems with Governor Felix Camacho's proposed consortium of lending institutions regarding the 7% interest rate, which was established by law.At this point the Fund has not decided if they will participate in the group of financial institutions that will lend the $123,000,000 that's needed to pay out the COLA settlement. The Fund's board is set to meet on Friday afternoon to get a status report on the COLA payments. That meeting gets underway at noon.