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Guam - Today's roundtable discussion on a new hybrid retirement plan was filled with emotion, as the chairman of the Government of Guam Retirement Fund reacted to a new proposal submitted by Senator Michael San Nicolas.


It's the 16th iteration of a hybrid retirement and ten years in the making but during today's roundtable discussion on Bill 394 it could be the 17th iteration, said Joe T. San Agustin, "Senator, this came out right on a bill unannounced something out of the blue sky somebody dreamt we should revamp the whole damn system."


San Agustin, the GovGuam Retirement Fund chairman, was miffed about a new hybrid proposal he received today from Senator San Nicolas that would create a new GovGuam retirement system. "Members give them a chance to look at what you're trying to do to them." San Nicolas said, "Absolutely sir." San Agustin said, "But only on a roundtable discussion?" San Nicolas said, "What I'm asking is for the Retirement Fund to evaluate what we're talking about here sir, I'm not trying to sneak anything in, there is no bill.


San Agustin said, "That's my position I don't know about the rest of the members."


Part of the proposal creates four classes of retirees. Senator San Nicolas noted the proposal would safeguard existing retirees, provide relief to current employees; provide parity to all employees so the government contribution rate does not decrease and the employee contribution rate does not increase;  and provides a path to social security.


Today's roundtable follows multiple public hearings and round table discussions on Bill 394. Over the last decade the Retirement Fund has been working on a plan to address concerns with the Defined Contribution Plan. "Our own  analysis shows there's not enough for them to retire on when they take their savings out there's certainly not enough to last any amount of time at all so I think there's some haste in moving forward," said an analyst.


Although it seemed the goal was to have the bill passed before the end of the year. Due to the complexity of the issue, Vice Speaker B.J. Cruz decided  to allow more time for all parties to review the San Nicolas proposal as well as the latest report from the Fund's consultant.


 San Agustin said, "You have so many modifications on the bill now I don't even recognize the original bill now quite frankly senator."


No word yet on when another roundtable will be held.