COLA's in the mail, says DOA - KUAM.com-KUAM News: On Air. Online. On Demand.

COLA's in the mail, says DOA

by Mindy Aguon

Guam - Two days before Department of Administration Director Lou Perez was scheduled to appear before a Superior Court judge, the Camacho Administration issued a release late Wednesday afternoon, confirming that cost of living allowance certificates will be issued on Friday.  After debating whether the Government of Guam would comply with the COLA Relief Act, DOA will now issue the certificates to approximately 4,000 awardees and their beneficiaries. 

The certificate will indicate the principal COLA award still outstanding, the rate of interest to be paid, and when exactly interest would begin to accrue.  The certificates will go out beginning Friday.

DOA is also working with the GovGuam Retirement Fund to disburse full payment of $1.4 million principal and interest to approximately 1,000 awardees or their beneficiaries.

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