Senators pass Bill 47
Guam - Lawmakers passed Bill 47 before breaking for lunch today. The legislation was introduced on behalf of the GovGuam Retirement Fund to ensure its Defined Benefits Plan meets requirements for tax qualified government pension plans under the Internal Revenue Service code. The measure must be enacted into law by April 3 or the Defined Benefits Plan will automatically be considered unqualified.
Senators meanwhile moved vetoed bill nine to the voting file as Senator Ben Pangelinan aims at having the veto overriden. The legislation would establish an independent review board to evaluate applications for qualifying certificates, a task that is currently performed by the Guam Economic Development Authority. Senators meanwhile confirmed Victor Cruz to serve as a member of the Guam Land Use Commission.