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(a) ‘Base Pay’ means an employee’s stated rate of pay;

(b) ‘Board’ means the Board of Trustees of the
Government of Guam Retirement Fund, which also is
responsible for the direction and operation of the affairs and business of the Defined Contribution Retirement System. Title to all assets in the welfare benefit plans created herein shall be held in the name of the Board for the benefit of participants in the welfare benefit plans herein;

(c) ‘Defined Contribution Retirement System’ means the Government of Guam Defined Contribution Retirement System created by Article 2 of Chapter 8 of Title 4 of the Guam Code Annotated;

(d) ‘Employer contribution’ means an amount deposited into a welfare benefit account, on a periodic basis coinciding with the employee’s base payroll period, by an employer from its own funds, the balances of which shall be used solely for the payment of insurance premiums associated with the welfare benefit plans established hereunder, including pre-retirement disability and survivor death benefits offered to members of the Defined Contribution Retirement System;

(e) ‘Employer’ means each and every line department or agency of the Executive Branch; every autonomous and semi-autonomous agency or instrumentality; public corporations; every educational institution, whether secondary or post secondary; the Judicial Branch; the Legislative Branch; Public Defender Corporation; and every public entity hereafter to be created by law, within Guam which has employed, or employs, a member;

(f) ‘Member’ means any member of the Defined
Contribution Retirement System in accordance with Article
2, Chapter 8 of Title 4 of the Guam Code Annotated;

(g) ‘Welfare Benefit Account’ means an employee welfare benefit account created and established by this Article as a pool account established for all members to record the deposit of employer contributions, interest and other accumulations credited on behalf of all members, the

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balances of which shall be used solely for the payment of insurance premiums and administrative expenses associated with the welfare benefits, including pre-retirement disability and survivor death benefits offered to members of the Defined Contribution Retirement System;

(h) ‘Welfare benefit plan’ means any employee welfare benefit plan created and established by this Article, including plans providing for pre-retirement disability benefits or survivor death benefits, which shall be offered to members of the Defined Contribution Retirement System, as provided in the contracts negotiated with insurance providers.