Retirement Fund working on benefits plans - News: On Air. Online. On Demand.

Retirement Fund working on benefits plans

by Nick Delgado

Guam - The Government of Guam Retirement Fund is seeking a better option to allow retirees to continue receiving the benefits they earned. Chairman Joe T. San Agustin says they currently operate on a Defined Benefit Plan and a Defined Contribution Plan.

The latter is said to envision a supplemental, which provides a 5% contribution to be invested. However, San Agustin admits that changes need to be made to the Defined Contribution Plan to provide livable wages to GovGuam retirees.

"Retiree employees can always have a fall back, right now a lot of them just can't retire because there's not enough money in the Fund and that's unfortunate. So we're concerned more that all were doing is shifting employees retiring with money and moving them over to the welfare. That's not going to help the economy and that's not going to help the people of Guam," he said.

The Retirement Board is scheduled to meet this Friday to further discuss the issue.

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