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 Retirement Benefits Authority (RBA) Guidelines

 Consequently, the Retirement Benefits Authority has developed Guidelines to guide Trustees, members and service providers of the retirement benefits schemes to implement the medical funds. The Guidelines provide advice regarding setting up, contributions, investment, administration and benefits access to medical funds. The regulator will oversee the prudent management of the funds in line with the retirement benefits’ operations and reporting framework.

 It is anticipated that the National Hospital Insurance Fund (NHIF) and insurance companies will play a critical role at the benefit provision stage.

 What is next?

 We have exposed the current draft of the Guidelines for discussions and validation by key stakeholders and members of the public. This draft is available on the Authority’s website.  It is expected that the Guidelines will be published by June this year (2018).

 We call upon stakeholders (mainly employers, members, Trustees, service providers, consultants, NHIF and insurance companies) to support the establishment, implementation and growth of the medical funds once the Guidelines are published.

 The initiative to join and contribute to the medical funds will reduce future financial burden from medical bills incurred by retirees. It is commendable that some employers have shown interest in sharing the burden of financing the medical fund by contributing for their employees.

 John Mutisya, Actuarial Officer, RBA

 

 


 
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