KMTC Hosts Annual Staff Pension Scheme Meeting, Reports Impressive Growth
The Kenya Medical Training College (KMTC) held its staff pension scheme annual general meeting on Thursday, (July11, 2024) at KMTC Machakos Campus.
Attendees included KMTC Board Chairperson Mr. Joseah K. Cheruiyot, Board members, Chief Executive Officer Dr. Kelly Oluoch, Board of Trustees Chairperson Mr. Robert Ndalo, and selected members of the scheme who joined physically while others followed the proceedings virtually.
Mr. Cheruiyot highlighted the impressive growth of the schemes—Defined Benefits Scheme (DBS) and Defined Contributions Scheme (DCS), over the period ending June 30, 2023, noting that they have reached a combined asset under management worth Kshs. 6 billion.
He emphasized the importance of including young people in the management of the scheme to ensure their issues are adequately addressed.
“As a Board, the main sponsor of the schemes, we are committed to championing the welfare of staff. We will continue to disburse resources to the schemes to ensure the wellbeing of staff at retirement,” he said.
He also noted that the Board of Trustees operates under a Trustee Code of Conduct, the Trust Deed & Rules, Good Governance Policies, and guidelines from the National Treasury and the Regulator.
The Board has established several committees to enhance operational efficiency, including the Finance and Investment Committee, the Audit & Risk Management Committee, and the Administration and Communication Committee.
CEO Dr. Kelly Oluoch highlighted the significant achievements and future plans to bolster the two schemes’ financial health.
“The financial report revealed a total of Kshs. 459 million was contributed to the scheme during the review period, with Kshs. 306 million provided by the Sponsor, demonstrating KMTC’s commitment to supporting its employees’ journey to retirement,” he commented.
Dr. Oluoch noted that the well-being of the Scheme is tied to the well-being of KMTC, and emphasized the importance of collective effort to continue delivering on their mandate for the betterment of the country.
Members pledged to forge ahead, propelling the schemes to new heights for the benefit of all members.
…Ends
