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{
    "id": 1127087,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1127087/?format=api",
    "text_counter": 566,
    "type": "speech",
    "speaker_name": "Nyando, ODM",
    "speaker_title": "Hon. Jared Okelo",
    "speaker": {
        "id": 13457,
        "legal_name": "Jared Odoyo Okelo",
        "slug": "jared-odoyo-okelo-2"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker, for giving me an opportunity to second this Motion. My colleague, Hon. Nzioka, has already delivered justice to this Report. It is important from the outset to make it clear that we are looking at three financial years in these five sets of Reports – Financial Years 2016/2017, 2017/2018 and 2018/2019. In the interest of time, I will not delve into all these Funds, but I want to only look at the Local Authorities Provident Fund and, firstly, say it is anchored in law. It emanates from an Act of Parliament. It is a retirement benefits scheme for county government water and sewerage companies hinged together with other affiliated companies. Its mandate is mainly to collect funds from contributors and their employers or any sponsor, on behalf of the beneficiaries. As I said, it is a retirement fund. So, it also makes payments to members upon retirement or upon earlier withdrawal by beneficiaries in cases of death by a contributor. The Fund operates as a parastatal under the Retirement Benefits Authority Act (RBA). Currently, it has a membership of 52,000 people. A member contributes 12 per cent of their monthly income and the employer, together with sponsors, contributes 15 per cent. That money goes into a Fund that is currently standing at Kshs35 billion in assets. These assets come from property that is held by the Fund in terms of Government securities, equities and deposits made by individual contributors. The Local Authorities Provident Fund, the Unclaimed Assets Trust Fund, the National Environment Trust Fund, the Land Settlement Fund, and the Petroleum Fund are what the Report we have given out will be looking into. That is for the three years of their transactions, between years 2016 and 2019. With those remarks, I beg to second."
}