Governor instructs DOA to release $16.2M in COLA to retirees
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Oct. 27, 2017, (Hagåtña) — The Governor has instructed the Department of Administration to release $16.2 million to the GovGuam Retirement Fund for the annual cost of living allowance for retirees and surviving family members.
“Our retirees are great contributors to the success of our Government and our island,” said Governor Eddie Baza Calvo. “Though there was difficulty in getting cash together, this COLA payment is made possible as a result of effective cash management. Our retirees remain a priority to our Administration and we were able to pull cash together and pay the COLA out in lump sum.”
According to DOA Director Christine Baleto, DOA will release a total of $16.2M to the Retirement Fund today and the Retirement Fund is expected to deliver checks by October 31st.
“The teamwork of the Department of Revenue and Taxation, and the Department of Administration has ensured that we can continue to provide COLA to our retirees without borrowing,” added Lt. Governor Ray Tenorio.