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{
    "id": 568294,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/568294/?format=api",
    "text_counter": 355,
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    "content": "This issue of pensions and retirement benefits of workers of county governments is very sensitive. We have people who were seconded from the defunct local authorities who were inherited by county governments and are even retiring as we speak. The urgency of having a retirement law for the counties is very real and the more reason why we hope that a consensus will be built on the outstanding issues as soon as possible so that this law is finalised. Mr. Temporary Speaker, Sir, the regulator which is the RBA, the National Treasury, the TA and a few other stakeholders including the CGWU have almost agreed. We just have one or two outstanding issues which were raised by the CoG and LAPTRUST which is one of the schemes that was existing under the previous arrangement. There was a technical committee which was put together even before these processes began by the CoG, the TA and all other stakeholders. The report of that Committee has been submitted and the Chairperson and his Committee have looked at those recommendations. We hope, going forward, it will not be difficult to build consensus on the remaining issues. This Bill creates a retirement scheme for all the workers in county governments and, of course, providing for the usual regulation by the regulator, in this case, RBA. It does a number of things including creating a board of trustees in Clause 6. This Board will be composed of various trustees including representatives nominated by the CoG, the CGWU, the CPBF, the National Treasury and a few other stakeholders. Mr. Temporary Speaker, Sir, the provisions related to the mode of appointment of this Board, powers, term of office, conduct of meetings, remuneration and other provisions are provided for in clauses 7 to 22 of the Bill. The purpose of this Board is to ensure there is policy guidance so that this Scheme is run in accordance with policy instruction of the Board. The gender issue and gender balance is retained in the composition of the Bill. Part 2 of the Bill talks about the appointment of a Fund Manager who will be appointed by the Board. The Fund Manager will implement the investment policy of the Scheme as approved by the Board from time to time. He or she will also manage the funds and assets of the scheme, among other responsibilities. Mr. Temporary Speaker, Sir, the Bill also establishes the office of the Secretary to the Board who will take the minutes of the meetings of the Board and also advise the Board on day to day governance issues and administration. The Board is part time – a three year appointment – which can be renewed from time to time as the Board may direct. The CEO of the Scheme will be the internal administrator although there is a provision for the external administrator who will be appointed by the Board. The Chief Executive Officer (CEO) will remain the internal administrator of the Fund in accordance with Clause 25. That is in Part 3 and it is about administration of the Fund. Part 4 of the Bill is general provisions which provide, for example, under Clause 49, the duty of care is imposed on the trustees to ensure that the Scheme is at all times The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}