$17 milion in COLA payments paid 2 weeks early

GovGuam Retirement Fund (PNC file photp)

The Government of Guam has transferred $17 million to the Government of Guam Retirement Fund so that 2020 COLA (Cost of Living Adjustments) payments can be made this week.

The Government provided these funds two weeks earlier than legally required to help its retirees—many of whom live on a fixed income and provide for their grandchildren and other dependents.

“Because of prudent cash management, we are able to pay this obligation well in advance. I am pleased that we are able to support those who have dedicated their lives to serving the people of Guam,” said Governor Lou Leon Guerrero. “This pandemic has affected too many in our community, and I hope this can ease some of the financial burden our elderly and their families are facing.”