ATTACHMENT REPORT
ATTACHMENT REPORT
THE CHIEF EXECUTIVE OFFICER
LOCAL AUTHORITIES PROVIDENT FUND
P.O.BOX 79592-00200
NAIROBI
THROUGH;
HUMAN RESOURCE MANAGER
CHIEF MANAGER FINANCE AND INVESTEMENT
MR.BENARD MBOGO
BY
LEAH AKOMO OKOTH
BACKGROUND
Local Authorities Provident Fund (LAPFUND) is a state corporation operating under an Act of Parliament Cap. 272 Laws of Kenya, County Government Act 2012 (section 132), Urban Areas and Cities Act 2011 (Section 49), in conjunction with the RBA Act, 1997 and Regulations 2000.
LAPFUND is a defined contribution Retirement Benefits Scheme catering for all employees of County Governments, Urban Areas, Cities and Towns (formerly Local Authorities) and associated institutions, including all County Representatives; elected or nominated, where employees contribute 12% while the employer contributes 15% of the gross salary (basic salary plus house allowance).
The Fund having been established in 1960 is one of the oldest retirement benefits schemes in Kenya.
Currently the Fund enjoys a membership of over 25,000 member companies in the country, consisting of over 200 sponsors (employers). Over 2000 Members of County Assemblies (MCAs) have already enrolled as members of LAPFUND.
Our current Fund value stands at over Kes.20.8 billion in Assets. Our investments are held in various asset classes as outlined and regulated by RBA. These are government securities, equities and deposits, and property. The Fund is exploring other investment diversification avenues.
LAPFUND operates as a parastatal under the National Treasury; regulated by the Retirement Benefits Authority (RBA); Audited by the Kenya National Audit Office (KENAO); and supervised by the Inspectorate of State Corporations.
Over the past LAPFUND has embarked on an ambitious reform program intended to converts it into a world class Retirement Benefits Scheme. This has seen LAPFUND among other things like:
Become the first Retirement Scheme in Kenya to be ISO certified by implementing a world
THE CHIEF EXECUTIVE OFFICER
LOCAL AUTHORITIES PROVIDENT FUND
P.O.BOX 79592-00200
NAIROBI
THROUGH;
HUMAN RESOURCE MANAGER
CHIEF MANAGER FINANCE AND INVESTEMENT
MR.BENARD MBOGO
BY
LEAH AKOMO OKOTH
BACKGROUND
Local Authorities Provident Fund (LAPFUND) is a state corporation operating under an Act of Parliament Cap. 272 Laws of Kenya, County Government Act 2012 (section 132), Urban Areas and Cities Act 2011 (Section 49), in conjunction with the RBA Act, 1997 and Regulations 2000.
LAPFUND is a defined contribution Retirement Benefits Scheme catering for all employees of County Governments, Urban Areas, Cities and Towns (formerly Local Authorities) and associated institutions, including all County Representatives; elected or nominated, where employees contribute 12% while the employer contributes 15% of the gross salary (basic salary plus house allowance).
The Fund having been established in 1960 is one of the oldest retirement benefits schemes in Kenya.
Currently the Fund enjoys a membership of over 25,000 member companies in the country, consisting of over 200 sponsors (employers). Over 2000 Members of County Assemblies (MCAs) have already enrolled as members of LAPFUND.
Our current Fund value stands at over Kes.20.8 billion in Assets. Our investments are held in various asset classes as outlined and regulated by RBA. These are government securities, equities and deposits, and property. The Fund is exploring other investment diversification avenues.
LAPFUND operates as a parastatal under the National Treasury; regulated by the Retirement Benefits Authority (RBA); Audited by the Kenya National Audit Office (KENAO); and supervised by the Inspectorate of State Corporations.
Over the past LAPFUND has embarked on an ambitious reform program intended to converts it into a world class Retirement Benefits Scheme. This has seen LAPFUND among other things like:
Become the first Retirement Scheme in Kenya to be ISO certified by implementing a world