Guam § 22423 - Retirement Contributions and Personnel Benefits

§ 22423. Retirement Contributions and Personnel Benefits

Funds.

(a) Legislative Intent. The Legislature finds that amounts

appropriated directly to Guam agencies for retirement benefits,

and personnel benefits such as health insurance, life insurance,

and dental insurance, are utilized for personnel expenses such as

overtime pay, hazardous pay, holiday pay, limited term positions,

and other categories if the funds are transferred, so that the actual

expenses of the government of Guam for retirement, health

insurance, life insurance, dental insurance, overtime, limited term

positions, and other categories, is obscured in the budget process

since the categories for which funds are appropriated are actually

utilized for a different purpose than that which is stated. For this

reason, two funds which are separate and distinct from any other

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funds of the government of Guam shall be utilized to better track

the expenses of the government of Guam in these categories.

(b) Creation and Operation of Retirement Contributions

Fund. There is created, separate and apart from any other funds of

the government of Guam, and under the administration and

control of the Department of Administration, the Retirement

Contributions Fund. Notwithstanding any other provision of law,

each fiscal year, all appropriations from the General Fund to any

Guam agency for the purpose of paying retirement contributions

shall be deposited in the Retirement Contributions Fund, and shall

be paid out incrementally only as required by the actual expenses

of the aggregate of the individual employees of the government

who are currently employed at the time each payroll is prepared.

A report of the status of the Retirement Contributions Fund shall

be made to the Governor and to the Legislature at the end of each

quarter. The funds in the Retirement Contributions Fund shall not

be used for any other purpose than retirement contributions to be

transmitted to the Government of Guam Retirement Fund. Within

thirty (30 days after the end of each fiscal year, all funds in the

Retirement Contributions Fund shall be paid over to the

Government of Guam Retirement Fund to reduce the unfunded

liability. A report of this transaction shall be made to the

Legislature.

(c) Creation and Operation of Personnel Benefits Fund.

There is created, separate and apart from any other funds of the

government of Guam, and under the administration and control of

the Department of Administration, the Personnel Benefits Fund.

Notwithstanding any other provision of law, each fiscal year, all

appropriations from the General Fund to any Guam agency for the

purpose of paying medical insurance, life insurance, and dental

insurance, shall be deposited in the Personnel Benefits Fund, and

shall be paid out incrementally only as required by the actual

expenses of the aggregate of the individual employees of the

government who are currently employed at the time each payroll

is prepared. A report of the status of the Personnel Benefits Fund

shall be made to the Governor and to the Legislature at the end of

each quarter. The funds in the Personnel Benefits Fund shall not

be used for any other purpose than for medical insurance, life

insurance, and dental insurance. Within thirty (30 days after the

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end of each fiscal year, all funds in the Personnel Benefits Fund

shall be paid over to the Government of Guam Retirement Fund

to reduce the unfunded liability. A report of this transaction shall

be made to the Legislature.