Staff Retirement Entitlement Benefits Scheme Updates Members on the Scheme’s Performance and Key Achievements During the 13th Annual General Meeting

21 Feb,2024

Staff Retirement Entitlement Benefits Scheme Updates Members on the Scheme’s Performance and Key Achievements During the 13th Annual General Meeting

A section of the AGM participants.

The University’s Staff Retirement Benefits Scheme (SRBS) sensitized its members on the Scheme’s financial status, achievements, and projects during the 13^th Annual General Meeting held on 17^th February 2024. The AGM was graced by the regulatory body- Retirement Benefits Authority’s (RBA). This event which took place at the Main Catering Unit (MCU) -001 was organized by the MMUST’s Board of Trustees.

The Scheme Administrator, Octagon Pension Services Limited highlighted that MMUST’s Scheme has ensured timely contributions which indicates its commitment to financial freedom of members. They encouraged staff to consider Additional Voluntary Contributions to grow their financial kitties.

The Custodian of the Scheme noted that they have enhanced member’s benefits through prudent and innovative investments. “We did not expose the Scheme. We have maintained segregated bank accounts for the Scheme’s incomes,” they said.

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The Custodian of the Scheme making a presentation during the AGM.

Similarly, the officer from the RBA applauded the Scheme’s Trustees for incorporating the regulatory body in their undertakings, adding that through this the Scheme reduces its non-compliant areas thus elevating its performance.

The Scheme’s Auditor- VC Karani & Associates pointed out that according to their audit conducted per the International Standards on Auditing (ISAs), the financial statements they presented give a true and fair view of the financial position of the Scheme as of the 30^th June 2023.

The MMUST Staff Retirement Benefits Scheme Trustees include; Prof. Solomon Shibairo, Mr. Josephat Shigogodi (Chairman), Prof. Joseph Nasongo, Prof. George Lawi, Prof. Alice Ndiema, Dr. Eglay Tsuma, Dr. Isaac K’Owino, Ms. Dorah Mbakaya and CPA Patrick Kivale. The Secretariat are; Mr. Bernard Wesonga and Ms. Celestine Mmasi.

The scheme is anchored on four main pillars including; the provision of optimum return on investment, establishment of a good governance framework, utilization of technology to improve service delivery, and compliance with regulatory requirements.

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