BBMR wants overpayment offset - KUAM.com-KUAM News: On Air. Online. On Demand.

BBMR wants overpayment offset

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by Mindy Aguon

Guam - While the Government of Guam Retirement Fund refutes claims that it overpaid the General Fund by $15 million, Bureau of Budget Management & Research director Benita Manglona says, "Even the Legislature recognized the overpayment from the General Fund to the Retirement Fund by reducing payments. The Public Auditor, in her independent report, identified this debt the Retirement Fund owes.

"If you overpay something, you will naturally and rightfully want the money back. This is no different. We're not asking the Retirement Fund to give us their money. We're asking them to offset the amount that they owe."

The Calvo Administration is looking for authorization through a supplemental budget request to offset the $15 million by not making Retirement Fund contributions and offsetting the $7.5 million owed in employee and employer contributions from the Guam Memorial Hospital. The Retirement Fund has warned that should the government stop making contributions, thousands of public sector employees will not be able to retire and they've threatened to file a lawsuit.

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