Updated Tue, August 16th 2016 at 00:00 GMT +3Retirement Benefits Authority chief executive Edward Odundo PHOTO: COURTESYCounties have submitted a proposal to the Retirement Benefits Authority (RBA) seeking to adopt a new pension scheme for their workers. Counties want to be the owners and sponsors of newly formed County Pension Scheme (CPF) and take charge of the affairs of the scheme through a Board of Trustees. According to Council of Governors’ Chairman Peter Munya, counties are expected to submit their nominees for the CPF board, to pave way for appointments. Munya said the decision by counties to adopt CPF as a pension scheme is to provide a sustainable source of income for their members in retirement and beyond since counties will be actively involved. According to Munya, having uniform norms and standards across all counties will allow for portability of benefits and smooth movement of employees across counties.

Source: Standard Digital August 15, 2016 18:56 UTC