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.
He added that he expects the fund to grow following an agreement across counties to enrol all employees into the scheme starting June 2016.
“We have been engaged in reviewing the structural framework of the retirement benefits schemes serving the county governments with a view to creating one strong entity to serve all county workers across the 47 counties in the long term,” he said.
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.