Retirement Fund to challenge supp. request - KUAM.com-KUAM News: On Air. Online. On Demand.

Retirement Fund to challenge supp. request

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by Mindy Aguon

Guam - Saying they aren't sure how the Calvo Administration got their numbers, the Retirement Fund is prepared to challenge the Administration's supplemental authorization request that seeks to offset some $15 million that purportedly was overpaid to the fund.  Retirement Fund Board Chair Joe T San Agustin says the government owes the fund money and they were never consulted about where the alleged millions in over payment came from. 

The Administration is looking not to pay the fund for several months and offset the hospital's $7.2 million in employee and employer contributions to make up for the overpayment and utilize the money for other purposes. But San Agustin warns about what will happen if the supplemental authorization request is passed.

He said, "One, of course, we'll go to the court to settle that and two, it would mean that no one in the government could retire or would be eligible to retire. As it is now is only DOE and GMH but if they impose this that means the entire Government of Guam 12,000 employees are subject to this law. We cannot dispose a single penny unless there is contributions. Like the old saying - 'no ticket, no laundry'. You don't pay your bills, you don't get any benefits."

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