HAGÅTÑA (The Guam Daily Post) — Several officials met informally on Wednesday to begin planning the course for the Special Cost of Living Economic Task Force, ahead of the governor signing legislation creating the group.
According to a release from the office of Sen. Telo Taitague, who introduced the measure to create the task force, the meeting was convened by legislative appropriations committee Chair Sen. Joe San Agustin.
Taitague, the committee vice chair, attended the meeting. Also in attendance were Guam Department of Labor chief economist Gary Hiles; Roseann Jones, the interim dean of the School of Business and Public Administration at the University of Guam; Office of Finance and Budget Director Steve Guerrero and representatives from the Bureau of Budget and Management Research and the Bureau of Statistics and Plans.
“Topics explored at today’s meeting focused on fundamental ideas regarding ways to sustainably mirror COLA policies in effect in municipalities throughout the nation, including the COLA adjustment policy utilized by the federal government,” Taitague said in her press release.
Jones stated in the release that the task force frames the importance of addressing how government of Guam retirees keep pace with the cost of living, as many rely on their retirement benefits as a significant source of income. Hiles stated that the meeting was productive as participants were able to outline a number of related issues that can be addressed simultaneously.
Officials looked at COLA and retirement supplemental income, including the benefits and their applicability requirements, according to Hiles. They also identified which adjustments needed to be made, which components will be considered when making those adjustments, and how they will affect each other, Hiles added.
“We can’t lose any more of our people to the promise of better jobs and a better quality of life in other states. We’ve got to work harder at making Guam the best place to call home for our workforce and our retirees,” Taitague stated in the release. “We’ve got to take care of the GovGuam workers who spend their careers serving our people by establishing a dignified COLA policy they can rely on as they grow older. Guam is home.”
Bill 2-37 establishes the task force. The measure passed unanimously last session and awaits the governor’s decision, according to the release.
The Sen. Jesus R. Quinene Retirement Fund Building is the headquarters of the Government of Guam Employees’ Retirement Fund, as seen Monday, Nov. 27, 2023, in Maite.
