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{
    "id": 1381418,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1381418/?format=api",
    "text_counter": 212,
    "type": "speech",
    "speaker_name": "Sen. Cheruiyot",
    "speaker_title": "The Senate Majority Leader",
    "speaker": {
        "id": 13165,
        "legal_name": "Aaron Kipkirui Cheruiyot",
        "slug": "aaron-cheruiyot"
    },
    "content": "This must be said; we have been unable to do well. We stand indicted up to date as a House of Parliament because many county government employees are still confused. The last thing I want to say on this topic is that county pension funds must be creative. There are opportunities for business for them even with the said counties. I do not understand why county governments have to borrow from commercial banks, yet they can borrow from their pension fund and earn interest. That is the same money our pensioners should enjoy in their retirement. That is a safe avenue for investment. The same county pension schemes should invest in various counties. We borrow money from the World Bank, Danish International Development Agency (DANIDA) and other development partners. Those are other people's pensions. How stupid can we be as a people that we borrow pensions of different people, enrich them and ensure they live more comfortably, yet we are packing money here and lending it to others to do projects that are not feasible? We can draw value from our county pension schemes by ensuring that pension schemes invest in the counties where they collect money by putting it to projects that benefit the same people who contribute. Therefore, I challenge Sen. Osotsi and Members of his Committee on the need for clarity in this space. We should sit with managers of pension funds and open their minds to opportunities that exist in various county governments, so that when employees of counties retire, they are sure that at the end of the month, they will have something worth of comfort to them and they will celebrate knowing that they did not waste their years working for our county governments. With those many remarks, Sen. Osotsi, this is a good start. However, bring the Bill so that we streamline this space."
}