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{
    "id": 800420,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/800420/?format=api",
    "text_counter": 240,
    "type": "speech",
    "speaker_name": "Sen. Farhiya",
    "speaker_title": "",
    "speaker": {
        "id": 13179,
        "legal_name": "Farhiya Ali Haji",
        "slug": "farhiya-ali-haji"
    },
    "content": "Madam Temporary Speaker, thank you, for giving me this opportunity to contribute to this Bill. First of all, the county retirement benefit is very important, especially with an Executive that is changing every five years. It is very commendable that we are creating this fund to ensure that the security of the counties is taken care of in terms of their retirement to give the county workers a decent retirement. From what I have read, this fund gives people opportunity to even save extra if they wanted. That creates a saving culture which gives them better ability to have a decent retirement. Any pension scheme usually creates funds where Kenyans, the Government or anybody else can borrow which are also beneficial to the economy of this country. This is a welcome venture. I am glad that the Senate is bringing it up. Madam Temporary Speaker, one of the amendments that we should have in the Bill is that the trustees should be trained according to the Retirement Benefits Act. When we talk about evaluations and actuarial audits, those are two different functions in retirement benefits that have different functions in that actuaries determine the value of the fund vis-à-vis the retirement age and other considerations in terms of their current salaries while auditors do a health check on the finances. They also give us assurance that the assets that exist in both funds are also real and not imaginary as we have witnessed in the National Youth Service (NYS) saga. Let me look at the specific provisions in this Bill which I feel need to change. I do not know how many minutes I have left because I have very many suggestions."
}