$17.2 million in COLA payments paid early

GovGuam Retirement Fund (PNC file photp)

For the third consecutive year, the Leon Guerrero-Tenorio Administration will pay Cost of Living Adjustment (COLA) payments ahead of schedule.

This follows the Department of Administration’s transfer of $17,292,000 to the Government of Guam Retirement Fund for 2021 COLA payments. These payments are scheduled for release on Friday, October 15, 2021, ahead of the legally required deadline of no later than November 1, 2021.

“Once again, our people will reap the benefits of prudent cash management. Earlier this week, we announced the payment of tax refunds in record time–well ahead of the six months required by the federal court order–and today, we are proud to announce the release of COLA payments over two weeks ahead of schedule,” said Governor Lou Leon Guerrero. “This marks the third consecutive year of paying this obligation in advance and is a testament to the support we show for those who have served us well in public service.”

“Our retirees have dedicated their lives to serving the people of Guam, and it is with great pleasure that the Governor and I are able to release these payments early,” said Lieutenant Governor Josh Tenorio. “Our hope is that we can relieve some of the financial burdens for our manåmko’, many of whom live on fixed incomes.”