Tenorio signs Bill 47
Bill 47 was signed today by Acting Governor Ray Tenorio. The legislation was introduced on behalf of the GovGuam Retirement Fund to ensure its Defined Benefit Plan meets requirements for tax qualified government pension plans under the Internal Revenue Service code.
By KUAM NewsGuam - Bill 47 was signed today by Acting Governor Ray Tenorio. The legislation was introduced on behalf of the GovGuam Retirement Fund to ensure its Defined Benefit Plan meets requirements for tax qualified government pension plans under the Internal Revenue Service code. Due to its urgency, lawmakers passed the measure on the first day of session last Monday and was transmitted to the Governor's Office soon thereafter. The measure had to be enacted into law by April 3 or the Defined Benefits Plan will automatically be considered unqualified.