Guam - The bond proceeds won't just be going to pay tax refunds but also an estimated $17 million for cost of living allowance owed to Government of Guam retirees. Department of Administration director Benita Manglona says that money will pay for interest and principles for retirees and their survivors but officials are finalizing details before the money will be dispersed.
"We're working with the Retirement Fund to get the final list of who the payouts are going to be, and once we get that we'll print the checks and we're looking at dispersing or distributing the checks at the Department of Revenue & taxation facilities with Treasurer of Guam staff there, the cashier area and we'll be assisted by DRT staff," he said.
Manglona says they are targeting to get the COLA payments out by December 2 or 3rd. Officials estimate that 1,200 retirees are waiting for COLA payments. For those who want to verify if you'll be receiving a check you can contact the GovGuam Retirement Fund.