Bill aims to entice law enforcement officer recruitment, retention

It's a bill to offer a more attractive retirement option for law enforcement personnel. The intent is not only to provide older employees the ability to retire much earlier with full benefits, but to enhance recruitment, and entice younger law enforcement personnel to stay on.

The measure by Sen. Jose Pedo Terlaje would re-open, for a designated time, the GovGuam Retirement Fund's defined benefit program to current and incoming employees. But there would be a special provision for the Guam Police Department, Guam Fire Department and similar personnel, as retirement fund Director Paula Blas explained during legislative session today.

"It would also allow DB-175 members who are also uniformed personnel to be eligible for the full retirement benefits at age 55 with 25 years of service, or at age 57 with five years of service," she said. 

The estimated cost to GovGuam and thus taxpayers would be an additional $230,000 a year. Blas says the retirement board offers its conditional support.

"So long as the Government of Guam's required funding levels to the retirement fund remain timely in light of actual increases to the employer contribution rate or to the unfunded actuarial accrued liability," she said. 

 

The bill specifies that any employee transferring to the defined benefit plan would still be required to pay the higher contribution rate, which is currently 9.5 percent.