GMH Behind 2 Pay Periods in Retirement Fund Payments

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If GMH fails to make a payment by Friday in the Defined Contributions plan, they will owe $1.35 million to the Retirement Fund.

Guam – The Guam Memorial Hospital is behind on its payments for retirement fund contributions for hospital employees.

 

GovGuam Retirement Fund Director Paula Blas confirmed that GMH has missed two pay periods for its defined benefits plan. As for the defined contributions plan, she says they are currently behind one pay period, but by tomorrow, GMH will also be behind two pay periods if they fail to make a payment.

Blas also notes that by tomorrow, the amount owed will be about $1.35 million.

Meanwhile, Blas says The Retirement Fund is also waiting for GovGuam to make COLA payments of about $15.5 million. By law, COLA payments must be made no later than November 1st.

Blas says The Retirement Fund and the Department of Administration are in communication and DOA is hoping to make a deposit by end of day Friday.