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{
    "id": 864820,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/864820/?format=api",
    "text_counter": 526,
    "type": "speech",
    "speaker_name": "Sen. Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "from these county governments. Therefore, that is one of the most important things that I noted in the provisions of the transitional clause. Madam Temporary Speaker, my last point on this Bill has got to do with Clause 43 of the Bill, which states- “The annual investment income earned by the Scheme shall, after deduction of all expenses and costs properly paid out of the Scheme and any appropriation to a reserve account approved by the Board, be credited to members' accounts on a pro-rata basis.” I want to reiterate the point I made that it is important that we amend this Bill, to ensure that when members contribute to this Fund, they should be alive to the fact that when their money is invested out there, there are risks. In the event the fund managers are not able to return any profits, they should be okay with some of the money being paid from their earnings. I know that people will be wary about their contributions because they are protected, but we should also ensure that the fund managers who run this Fund are cushioned in a way. This will ensure that they do not bring about losses every time. We need to think about how to add that. Clause 45 states- “Where there is a conflict between the provisions of this Act and the provisions of the Retirement Benefits Act, the provisions of the Retirement Benefits Act shall prevail.” I will bring an amendment to delete this Clause, because if will are trying to be neat, there is no point of us saying that there is another superior legislation than this, which is supposed to be taking care of my welfare. Madam Temporary Speaker, I just want to summarize by saying that I support this Bill fully. I believe that everyone who cares about the counties and the future of their constituents will support this Bill. I hope that when passed, it will bring to an end to the nasty competition, which is out there, between private bodies and state-owned corporations in terms of managing the retirement scheme. Madam Temporary Speaker, with those few remarks, I support."
}