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{
    "id": 741872,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/741872/?format=api",
    "text_counter": 137,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "and cattle sellers in the markets. I will not wish that counties increase taxes at this point in time. They can be more innovative. We do not want them to go to commercial banks that will charge them exorbitant rates. Thy can partner with bodies like the County Staff Pension Fund which is sitting on huge tranches of cash and come up with innovative ways of development and funding at concessionary rates so that we can give greater effect to devolution. As I stated earlier, it is not the domain of the Senate, we can only suggest. We cannot legislate on how this fund will invest. Issues on investment and portfolio management are guidelines that are issued by the Retirement Benefits Authority (RBA). As I conclude my submissions, this Bill will wind up the operations of LAPTRUST and LAPFUND. The County Staff Pension Fund will become the active fund where new employees are going to be enjoined. I hope that as we transit from the two funds to one fund, there will be clear identification of assets of those old funds. The Transitional Authority wound up without concluding its work on identification of assets that belonged to the defunct local authorities. I hope that the money owed to workers and employees are not subject to the current delineation exercise. In other words, LAPTRUST and LAPFUND can clearly identify their beneficiaries and the contributions and the benefits payable to them without having to wait for the Transition Authority or its successor to delineate the assets that belong to various parties. Sen. (Eng.) Muriuki mentioned that public participation had already been undertaken. My understanding is that public participation will be undertaken during or after the stage that we are in. I hope that we are not processing this Bill for compliance purpose but there will be clear evidence that the CoG, LAPTRUST, LAPFUND and the Retirement Benefits Authority and other players in the pension sector are going to be invited so that they give their views and contributions on this Bill. It is a few days to go before we wind up the work of the Senate. This is an important task that we cannot afford to hurry. If we suspect that there is an aspect of consultation that has not been taken into account and a level of consensus that has not been attained, the Senate of the Twelfth Parliament still has Members with a heart to ensure that the rights and interests of workers at the counties are taken care of. So, I hope that we are not rushing this Bill to ensure that this Senate goes on record as having passed it. Again, this is a matter that has to go back to the National Assembly."
}