Bill creates separate board for retirement plan
<span style="font-family: Arial, sans-serif; font-size: 12.222222328186px; line-height: 13.7999992370605px;">Senator Michael Limitiaco has introduced legislation to create a separate board of trustees for members of the defined contribution retirement plan. </span>
June 5, 2014Updated: June 5, 2014
By KUAM News
By KUAM Newsby Ken Quintanilla
Guam - Just as the Government of Guam Retirement Fund prepares for its elections next week, Senator Michael Limitiaco has introduced legislation to create a separate board of trustees for members of the defined contribution retirement plan. Limtiaco tells KUAM News the intent is for all members to enjoy equal standing, representation and advocacy from the Retirement Fund.
"And so what this bill is attempting to do is to give the Defined Contribution members a voice of their own and an advocacy of their own so they can determine the course of the defined contribution plan as it stands right now, the plan from a financial perspective is not setting up those members to have a successful retirement at the end of their years of service with the Government of Guam," he stated.
Limtiaco says as it stands right now, the GGRF board of trustees is statutorily mandated to protect the financial viability of the Defined Benefit Plan. He says there are roughly eight thousand participants in the DC plan compared to the 4,000 to 5,000 in the DB plan. GGRF director Paula Blas says she was unaware of the bill and wanted more time to review it before commenting.
Guam - Just as the Government of Guam Retirement Fund prepares for its elections next week, Senator Michael Limitiaco has introduced legislation to create a separate board of trustees for members of the defined contribution retirement plan. Limtiaco tells KUAM News the intent is for all members to enjoy equal standing, representation and advocacy from the Retirement Fund.
"And so what this bill is attempting to do is to give the Defined Contribution members a voice of their own and an advocacy of their own so they can determine the course of the defined contribution plan as it stands right now, the plan from a financial perspective is not setting up those members to have a successful retirement at the end of their years of service with the Government of Guam," he stated.
Limtiaco says as it stands right now, the GGRF board of trustees is statutorily mandated to protect the financial viability of the Defined Benefit Plan. He says there are roughly eight thousand participants in the DC plan compared to the 4,000 to 5,000 in the DB plan. GGRF director Paula Blas says she was unaware of the bill and wanted more time to review it before commenting.