Guam - With over 12,000 members, some concerns were raised in regards to the financial turmoil going on across the world and whether it would have an immediate affect on the Government of Guam Retirement Fund. At the board of trustees meeting today, chairman Joe T. San Agustin says four different investment managers were brought in to discuss the situation and the Fund's portfolio.
He told KUAM News, "We're very satisfactory despite the turmoil that is going on in Washington, by the debt ceiling and the market and the euro and Asia all the way through. These people have indicated to us, so far the funds are weathering the storm so to speak and that's good news for the funds."
San Agustin says the board continues to watch any financial activity that may occur in Washington and across the world. He adds that the Guam Memorial Hospital's debt to the Fund has been resolved by the Guam Legislature and GMH employees have started the process of retiring.