Retirement Fund Agrees Not to Pursue Legal Action on GMH

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The Guam Memorial Hospital has been making timely payments to the Retirement Fund in recent weeks.

Guam – The GovGuam Retirement Fund says the Guam Memorial Hospital has made good on their promise to make payments on their past due balance.

Retirement Fund Director Paula Blas says GMH wrote to the retirement fund board asking for them to reconsider taking them to court. Blas says so far GMH has cleared their balance under the defined contributions plan of about $1.3 million.

She also says that the hospital has been making timely payments for the defined benefits over the last few weeks, however, they still have an outstanding arrears of about $3.3 million.

GMH has agreed to make payments on their past due balance in the DB plan of about $500,000 a month until its paid off. Because of this, Blas says the retirement fund board will not be pursuing legal action against GMH at this time.

With regards to eligible retirees, Blas says GMH’s request for the retirement fund to allow GMH employees to retire was denied.

By law, employees of any agency that has an outstanding balance with the retirement fund will be denied retirement.

 

1 COMMENT

  1. Retirement Fund has provided the Chamorro Comedy Forever Hour with another CLINCHER: GMH making payments and GMH retirees CAN’T RETIRE…. What smells with this picture. Retirement Fund SNAFUed with GovGuam allowing prior Goober-Nuts free access and abuse of the Retirement Fund. A useless Bank that would exercise this mentral-retarded decision would have been PROSECUTED and SHUT DOWN. Go Figure!

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