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GMH to remit retirement contributions

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by Mindy Aguon

Guam - The Guam Memorial Hospital's new management intends to do something this pay period that hasn't been done in years: pay the employee and employer shares to the Government of Guam Retirement Fund. Interim Hospital Administrator Rey Vega tells KUAM News the remittances will be made this week as GMH owes $7 million to the Fund. 

Newly named chief financial officer Siva Karuppan is trying to negotiate an agreement with the Retirement Fund to pay back what is owed for prior years.

The hospital had been taking the retirement contributions from employees' checks but not turning that money over to the Retirement Fund. The situation resulted in employees being unable to retire and a growing bill that prompted a civil suit for the recovery of the funds last year.

Vega says $4 million of the recently acquired $12 million loan will go toward some of the obligation the hospital owes to the fund as well as the Department of Revenue & Taxation.

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