$14M in COLA payments to be released Friday

Adelup (PNC file photo)

The governor’s office today announced that cost of living adjustments due to be released November 1 will instead be released tomorrow.

According to a news release from Adelup, approximately 8,000 Government of Guam retirees and their qualified survivors can expect to receive their Cost of Living Adjustment (COLA) payments Friday, October 25.

The release states that about $14 million has already been released to the Government of Guam Retirement Fund (GGRF) to cover the cost of the early COLA payment.

Retirees will receive their COLA adjustments from the retirement fund.

The news release quotes Governor Lou Leon Guerrero as saying: “We can meet obligations in advance of deadlines because of strong cash management.”

COLA payments are released annually and are appropriated every fiscal year.