ATTACHMENT REPORT

Topics: Finance, Investment, Management Pages: 6 (918 words) Published: April 29, 2015

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 class quality management system. Rebrand and reposition itself as of the leading schemes in East and Central Africa while serving only the Kenyan market. Inculcate and implement Good Corporate Governance in its governance and management framework. Take up membership in key institutional players within the social security sector: The East and Central Africa Social Security Association (ECASSA), International Social Security Association (ISSA), Association of Retirement Benefits Scheme among others. Continually comply with the requirements of the industry regulator (RBA) by adhering to all legal requirements stipulated in the Retirements Benefits Act 1997 and Regulations 2000. LAPFUND’s operations are now conduced in an atmosphere of transparency, accountability and with a renewed commitment to efficient de vvvvvvvvvv, livery of a secure retirement benefit to our members.

ORGANIZATIONAL VALUE STATEMENTS
This chapter presents organizational core business, vision, mission, motto,core values and LAPFUND quality policy. Core business
The original mandate of the fund as per the local authorities provident fund act was to provide for contributions to the fund by certain employees of the local authorities and the Authorities associated with water companies and for administration of the fund by the LAPFUND board. With devolution of Government functions and the development of LAPFUND’s business plan that seeks to expand the customer base to new frontiers, the current business/function of the fund is therefore to receive contributions, invest the funds prudently and administer benefits to members. Vision

The vision of LAPFUND is:
“To be the leading retirement benefits scheme in Kenya, providing secured retirement” Mission
The mission of LAPFUND is:
“To receive, prudently invest and manage members’ contributions for prompt payment of benefits for secured retirement”. Motto
The Motto of LAPFUND is:
“Secured Retirement”

Core...
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