Hybrid retirement plan under discussion - KUAM.com-KUAM News: On Air. Online. On Demand.

Hybrid retirement plan under discussion

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 by Krystal Paco

Guam - A public hearing was held Tuesday night on legislation to create the first government hybrid retirement plan. Bill 394 was introduced by Vice Speaker BJ Cruz and based on a retirement reform developed by the late senator Ben Pangelinan and drafted in collaboration with the Government of Guam Retirement Fund.

Board of trustees legal counsel Vince Camacho from Carlsmith Ball said, "This hybrid plan before you today Bill 394 ideally balances the government's overall long-term budgetary needs with its obligations to the active and retired government employees and their survivors."

Cruz says the measure proposes that if you're presently a member of the Defined Contribution Plan, that participation of the hybrid is option. He adds the Defined Benefit Component of the hybrid plan provides a floor or a guaranteed safety net upon which the DC plan members may rely on should they join. A second public hearing is being held this evening to allow for more time for GovGuam employees to voice their concerns and ask questions on the measure.
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