Government of Guam Retirement Fund

The meeting focused on the Defined Contribution Plan, including progress on the Third Party Administrator Request for Proposal and an annual performance review by Great West Retirement Services. The Board reviewed the status of employee and employer contributions, closed financial statements, and received an Investment Committee report regarding investment performance and concerns about the Blackrock Aurora Fund. Additionally, the Board discussed administrative topics including a response to an inquiry regarding investment options, the schedule for future board meetings, and updates on audit items.

The Board of Trustees met in an executive session to discuss the legal case of Saville vs. San Agustin et al. The discussion centered on a petition for a Writ of Mandate regarding the denial of disability benefits. The board evaluated conflicting medical opinions regarding the plaintiff's impairment levels based on AMA criteria and discussed the impact of the plaintiff's voluntary retirement due to age on his eligibility for disability benefits. It was determined that legal counsel would incorporate additional evidence regarding the board's governing guidelines and the voluntary nature of the retirement into the official response to the court.

The board discussed pension benefits, including the approval of various disability, survivor annuity, and age and service retirement applications, while disapproving other disability applications. Key executive summary items included the status of international investment manager contracts, the request for proposal process for the Defined Contributions Plan Administrator, and legal proceedings related to audit findings and collections of past-due contributions from agencies. The board officially declared the results of the recent trustee election and concluded the session with farewell announcements and acknowledgment of upcoming swearing-in ceremonies for incoming trustees.

The Board of Trustees for the Defined Contribution Plan reviewed a request for a hardship withdrawal for home down payments, noting that such withdrawals no longer align with current policy and referring the matter to the Members and Benefits Committee. The Director provided an update on the Third Party Administrator Request for Proposal, specifically regarding a pending motion to release confidential documents. Financial updates were provided, including confirmation that agency contributions are current and that the fiscal year audit is in progress. Additionally, the Investment Committee reported on the status of the Third Party Administrator search, and a performance report for the Defined Contribution and Deferred Compensation plans for the month of November was reviewed.

The meeting included discussions on Defined Contribution statutory amendments, the status of proposals for Defined Contribution Investment Consultant services, and the approval of a Request for Proposal for a Third Party Administrator. The Board also reviewed insurance benefits, specifically addressing proposed premium increases for death and disability plans, and decided to initiate a study on health care through the University of Guam. Financial reports confirmed all agency contributions were current and that the fiscal year audit was completed. Additionally, members received updates from the Investment Committee regarding various ongoing service proposals and discussed potential office expansion for Mercer Consulting, Inc.