Retirement plans see income increases - KUAM.com-KUAM News: On Air. Online. On Demand.

Retirement plans see income increases

by Sabrina Salas Matanane

Guam - The Government of Guam's two retirement plans saw increases in income. According to the latest findings from an audit released today from the Guam Office of Public Accountability the defined benefit plan saw a $131 million increase during Fiscal Year 2013 while the Defined Contribution Plan saw a $47 million increase.  The Government of Guam Retirement Fund received a clean audit. Matter of fact it's the 8th consecutive year the agency was found with no material weaknesses or significant deficiencies.  The audit also highlights the fact that GovGuam's unfunded liability as of Fiscal Year 2012 was at $1.5 billion.  The unfunded liability is the difference between the value of future retirement benefits and the present value of funds available to pay the benefits. You can read the audit at GuamOPA.org.

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