THE Spending Cuts Task Force wrapped up its work this week, delivering to Gov. Eddie Calvo suggestions that, if they pan out, will result in cash savings to the government of Guam of nearly $75 million. Since the target was $43 million, they’ve more than done their job.

Most of the savings will come from two recommendations related to the GovGuam Retirement Fund. One, the early retirement program, would save an estimated $15 to $35 million, depending on how many of the some 500 defined benefit employees take the option to retire a few years early.

The other, something of an accounting maneuver, will extend by 10 years to 2041 the amortization of the unfunded liability of the GovGuam Retirement Fund for defined benefit members. That will save $28.1 million per annum based on a 6.1 percent reduction in the rate of contribution to the Fund, now nearly one-third of payroll. Since no new employees have been enrolled in the defined benefits plan since 1995, this particular type of retirement will come to an end eventually.

Take the lower estimate for the early out proposal and the amortization savings and they’ve got their $43 million. But both of these proposals, which still need legislative approval, are likely to face a court challenge from the Retirement Fund, whose board members have a fiduciary responsibility to the Fund, not to the government of Guam.

Other savings are small by comparison. The task force recommended reducing holiday pay from 200 percent to 150 percent, saving $4.5 million; eliminating “non-productive” pay for Guam Fire Department personnel and limiting their overtime, saving about $3 million; eliminating the cash out of unused annual leave – $1.6 million; and reducing paternity leave from GovGuam’s 20 days to the industry standard of 10 days – a little more than $135,000.

These aren’t the only recommendations made by the task force, but they are the ones the governor approved to pursue. The rest of the recommendations were not released to us.

All of these initiatives need to be approved by the Legislature, and may be controversial. We’re especially interested in whether the lawmakers will give up that annual leave cash out, which they take full advantage of, particularly if they did not get re-elected.

Of course the entire notion of senators having annual leave at all is odd. As elected officials, they hold their offices full time, but should not be considered “employed” by the government of Guam. However, that’s a subject for another editorial.

For now, the administration has forwarded some concrete, specific cost-saving recommendations for consideration. A full hearing and discussion of them is deserved and, we trust, will now be scheduled. It should be interesting.