Governor Eddie Baza Calvo has instructed the Department of Administration to release $16.2 million to the GovGuam Retirement Fund for the annual cost of living allowance for retirees and surviving family members.
"Our retirees are great contributors to the success of our Government and our island," said Governor Calvo. “Though there was difficulty in getting cash together, this COLA payment is made possible as a result of effective cash management. Our retirees remain a priority to our Administration and we were able to pull cash together and pay the COLA out in lump sum.”
According to DOA Director Christine Baleto, DOA will release a total of $16.2M to the Retirement Fund Friday and the Retirement Fund is expected to deliver checks by October 31st.