Adelup fiscal team reviewing hybrid retirement plan - KUAM.com-KUAM News: On Air. Online. On Demand.

Adelup fiscal team reviewing hybrid retirement plan

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 by Ken Quintanilla

Guam - Discussion continued on a new hybrid retirement system during the first public roundtable on the proposal this afternoon. Former senator Chris Duenas, representing Adelup, noted the governor's fiscal policy team is evaluating the implications and costs the bill would have on the government.

"As we assess the costs of this plan, we also must make certain it is sustainable so that it will be there for retirees for generations to come in consultation with my fiscal policy team there are some concerns on the implication of this plan would have bond ratings and the impact on the unfunded liability of the General Fund," said Duenas.

Bill 2 was introduced by Vice Speaker B.J. Cruz. The hybrid plan would be available as a retirement plan option to Government of Guam employees and mandated for new hires on or after January 1, 2016.

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