Bills – Overridden

Bill No. 2-33 (LS) as OVERRIDDEN – B. J.F. Cruz / M.F.Q. San Nicolas

An act to add a new article 5 to chapter 8, title 4, Guam Code Annotated relative to creating a new “defined benefit 1.75” Retirement System; and to creating a new cash balance plan (“Guam Retirement Security Plan”) as alternatives to the defined contribution retirement system upon timely election in accordance with regulations to be promulgated; to amend §§ 8208 and 8209(a) of article 2, chapter 8, title 4, Guam Code Annotated, relative to increasing the defined contribution retirement system member and employer contributions to six and two tenths percent (6.2%); and to amend § 8137(b), article 1, chapter 8, title 4, Guam Code Annotated, relative to extending the amortization period of the unfunded liability for prior service. Passed: 5/3/16 | Vetoed: 5/17/16 | Overridden: 9/14/16