Guam, the US territory about four hours' flight east of Hong Kong, is best known for its scuba diving. But it is not just Guam's tourists that are going under water so is its $1.2 billion defined-benefit pension scheme for 16,000 government employees.
The Guam Employees Retirement Fund is expected to drop under-performing fund managers when it conducts a review this November, but that is just one part of a solution, says Gerard Cruz, a member of the fund's board of trustees as well as president and CEO at Community First Guam Federal Credit Union.
Not long ago the DB plan appeared to be in good shape....
