GMH Misses Another Retirement Fund Payment, Debt Now $1.2M

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The Guam Memorial Hospital missed another retirement fund payment on December 14 of about $148,000.

Guam – The Guam Memorial Hospital’s retirement fund debt continues to grow. GovGuam Retirement Fund Director Paula Blas says they missed another payment two days ago.

 

Blas says GMH’s outstanding balance now stands at $1.246 million. On December 14, GMH was due for the defined contribution plan of $148,000 and that was for pay period ending November 28.

Before that, GMH also missed  a payment last week Wednesday for the defined benefit plan of $467,000.

Blas says because of the hospital’s debt with the retirement fund, at least four GMH employees have been denied retirement.

GMH has been in the spotlight recently because of their growing debt which as of last week stood at $21 million dollars.

In addition, the GMH board is also without a quorum as three board members–Lee Webber, Frances Mantanona and Rose Grino–suddenly stepped down last Thursday. Governor Calvo says he is in the process of identifying possible nominees to replace the board members who resigned.