The Local Authorities Provident Fund (LAPFUND) has launched an ambitious five-year strategic plan aimed at expanding the retirement benefits scheme fund value to Sh116.8 billion.
The strategic plan (2024-2029), launched on Monday in Kisumu, seeks to onboard an additional 250,000 contributors and enhance collections by pursuing billions in outstanding remittances from county governments and water service providers.
LAPFUND Chief Executive Officer Bernard Mbogo said the scheme is owed Sh27.83 billion by various county governments and water utilities, funds that are critical to sustaining timely payments to retirees. "Counties continue to deduct pension contributions from employees but fail to remit them to LAPFUND, leaving us in a very awkward position.
We have retirees waiting for their dues while the scheme is owed billions," said Mbogo.
