What does GGRF mean in FUNDS
GGRF stands for Government of Guam Retirement Fund. It is a government agency that manages the retirement benefits of government employees in Guam. The fund was created in 1952 and is responsible for providing retirement benefits to over 30,000 members.
GGRF meaning in Funds in Business
GGRF mostly used in an acronym Funds in Category Business that means Government of Guam Retirement Fund
Shorthand: GGRF,
Full Form: Government of Guam Retirement Fund
For more information of "Government of Guam Retirement Fund", see the section below.
What is GGRF?
The GGRF is a defined benefit pension plan. This means that the benefits paid to retirees are based on a formula that takes into account the employee's salary, years of service, and age. The GGRF is funded by contributions from both employees and the government of Guam. The employer contributes 6.5% of the employee's salary to the fund, and the employee contributes 3.75%. The fund also receives investment income from its investments.
How does GGRF work?
The GGRF calculates the retirement benefits of its members using a formula. The formula takes into account the employee's salary, years of service, and age. The benefit is calculated as a percentage of the employee's final average salary. The percentage is based on the employee's years of service.
Essential Questions and Answers on Government of Guam Retirement Fund in "BUSINESS»FUNDS"
What is the Government of Guam Retirement Fund (GGRF)?
The GGRF is a government-sponsored retirement plan for employees of the Government of Guam. It provides retirement, disability, and death benefits to its members.
Who is eligible to participate in the GGRF?
Generally, employees of the Government of Guam who are appointed or employed on a permanent, full-time basis are eligible to participate in the GGRF.
How does the GGRF work?
The GGRF is a defined benefit plan, which means that the retirement benefits are based on a formula that considers factors such as salary, years of service, and age. Contributions to the GGRF are made by both employees and the Government of Guam.
What are the benefits of participating in the GGRF?
The GGRF provides a number of benefits to its members, including:
- Retirement income
- Disability benefits
- Death benefits
- Vesting after five years of service
How do I apply for GGRF benefits?
To apply for GGRF benefits, you can contact the GGRF office at (671) 475-0883 or visit their website at https://ggrf.guam.gov/.
Final Words: The GGRF is an important part of the retirement planning process for government employees in Guam. The fund provides a secure retirement income for retirees and their families.