$17.2M in COLA payments sent to GovGuam retirees

PETITION: The Government of Guam Retirement Fund offices are located at the Senator Jesus R. Quinene Retirement Fund Building on Route 8 in Maite. The Fund is expected to release $17.2 million in cost of living allowance checks to retirees and survivors of deceased retirees on Friday. Post file photo

Government of Guam retirees cost of living payments will be distributed tomorrow, according to Adelup. 

"This follows the Department of Administration’s transfer of $17,292,000 to the Government of Guam Retirement Fund for 2021 COLA payments," states a press release from the governor's office. "These payments are scheduled for release on Friday, Oct. 15, 2021, ahead of the legally required deadline of no later than Nov. 1, 2021." 

In 2019, there were about 8,000 checks distributed to retirees or survivors of deceased retirees. 

The press release touts the early release of the payments - noting that this is the third year that payments are out before deadline. 

“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,” Gov. Lou Leon Guerrero stated. “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.”

Lt. Gov. Josh Tenorio said GovGuam 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,” he said. “Our hope is that we can relieve some of the financial burdens for our manåmko’, many of whom live on fixed incomes.”

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