General
MURBS declares Market-high Rate of Return for 2nd year running
At the Fourth Annual General Meeting (AGM) of the Makerere University Retirement Benefits Scheme (MURBS) held on 18th December 2014, the Secretary-Board of Trustees (BoT), Dr. John Kitayimbwa declared at 12% yet another market-high rate of return for the Staff Scheme as compared to similar schemes like NSSF which declared 11%. The rate of return is used by schemes and corporations to measure the profit on any investments they have made over a period of time; and in the case of MURBS, in respect of the year ended 30th June 2014.
In his introductory remarks given at the Fourth AGM held in the College of Engineering Design Art and Technology (CEDAT) Conference Hall, Dr. Kitayimbwa lauded the BoT, MURBS Administrator-Liaison Financial Services as well as Fund Managers PineBridge Investments and StanLib for a job well done. He thanked officials from the Uganda Retirement Benefits Regulatory Authority (URBRA) for taking time off to attend the AGM. URBRA is the regulatory authority in charge of managing the operations of retirement benefit schemes in Uganda and was represented at the 4th AGM by the CEO-Mr. Moses Bekabye, Legal Services Manager-Ms. Rita Nansasi and Ms. Janet Iremera.
In her report, the MURBS Chairperson Hajati Fatumah Nakatudde was happy to note that MURBS is a fully licensed retirement benefits scheme in accordance with URBRA with eight out of nine Trustees licensed by the regulator. She noted that the gains made by MURBS were buoyed by the favourable investment climate as Uganda registered a positive growth of 4.7% driven mainly by Government expenditure on infrastructure. As a result, MURBS made a gross income of UGX 6.7billion and a net income of UGX 4.5billion. She further reported that the scheme paid out over UGX 2.4billion in benefits.
The Chairperson however noted that the scheme continues to experience challenges in the form of unremitted contributions from the employer amounting to UGX 3.94billion for the period November 2013 to June 2014. “As such it has been impossible to award interest on contributions received during the course of the year on a time-weighted basis” said the Chairperson.
She further reported that the total fund value of MURBS stood at UGX 65.72billion as compared to UGX 78.85billion the previous year. The drop in fund value was as a result of an impairment loss on contributions receivable from the employer amounting to UGX 33.46billion. The Chairperson however reassured members that the trustees with the help of courts of law were pressing for the recovery of this debt as owed to the scheme by the University.
Hajati Nakatudde was also glad to inform members that the scheme with the help of the Administrator had developed an online platform to enable members to access their profiles instantly. “We have developed an online platform that will allow members to access their MURBS records and member statements in real-time as well as make changes to their member details and we thank our Administrator Liaison Financial Services for this milestone” said the Chairperson.
Presenting the Financial Statements for the year ended 30th June 2014, the Scheme’s Principal Pensions Officer Mr. Vitalis Omondi noted that the scheme still had a number of qualifying members with uncollected benefits. He reported that MURBS membership grew from 3,193 to 3,254 as at 30th June 2014 implying an increased number of employee contributions to the scheme. MURBS Investments grew from UGX 43.3billion in 2013 to UGX 52.7billion in 2014 thanks to the great work by Fund Managers PineBridge investments and Stanlib.
Supplementing the Administrator’s report, Dr. John Kitayimbwa noted that MURBS received an investment income of UGX 5.2billion in 2014 with the biggest gains received from treasury bonds interest. Growth in income was also experienced due to gains in share price for brands like Safaricom where the scheme owns shares. He further noted that the scheme had saved money by not incurring any legal costs in 2014. He however appealed to URBRA to help expedite cases of members with medical conditions seeking to access their funds to meet treatment costs. He noted that the current Uganda Medical Board (UMB) assessment procedures were too tedious and often left members frustrated as they failed to use their own savings to pay for treatment.
In his remarks, the URBRA CEO Mr. Moses Bekabye informed members that the Retirement Benefits Regulatory Authority (URBRA) Act of 2011 has provisions mandating employers to contribute to their employees’ retirement benefits. He backed MURBS in recognizing the unremitted employer contributions as a debt in favour of scheme members but took a softer stance when he advised members to avoid litigation by settling any matters amicably. With regard to delays by UMB in assessing member requests to avail funds for treatment, Mr. Bekabye reassured the AGM that this matter was being addressed in the current submissions by URBRA in a bill before parliament. “Among the mandatory benefits that will make contributions to retirement benefits schemes will be i) Age Benefit ii) Survivor Benefit-in the event of employer death iii) Invalidity Benefit-in case one is sick or incapacitated and cannot work anymore and iv) Minimum Health Care Package. This will mean that employees who make mandatory contributions will be able to get medical treatment” said Mr. Bekabye.
In the reactions that followed from the audience, members urged the BoT to calculate how much the University owed MURBS such that stakeholders could be consulted on what action to take through their respective staff associations. Members also raised queries on who approves the expenditure by BoT, how much of beneficiaries’ contributions should be spent by the BoT as well as issues to do with impairment as shared in the Chairperson’s report to the AGM.
In response the BoT reassured members that Trustees are part of the URBRA Committee that checks expenditure ratios of Retirement Benefits Schemes in Uganda and so far, MURBS is one if the best performing schemes in the country with regard to compliance. Trustees further shared that the BoT budget is approved based on an annual work plan. and in compliance with URBRA regulations. With regard to the debt owed by the University which led to the impairment loss, the BoT advised that the best way of recovering this debt was through staff General Assembly action, which the association leaders present resolved to follow up.
In her closing remarks, the Chairperson Hajati Fatumah Nakatudde thanked all present for contributing to the discussion at the 4th AGM. She further requested members present to remind all retirees to pick their benefits from the scheme, according to the lists of names published in the media.
The emcee of the day and Public Relations Officer for the Academic Staff Association (MUASA) Mr. Louis Kakinda thanked the BoT for their transparency which had led to a fruitful 4th AGM. He further urged members present to support the MUASA Executive and Management in the quest to get the Government to deliver on its promises. “Remember that our contributions are meager and we are pushing Government to give us the UGX 15million for a Professor pro rata, and so we urge you to keep supporting us,” he concluded.
Article by Public Relations Office
After 14 years of dedicated service, Claire Nakayiza, a familiar face and trusted custodian at the School of Public Health (SPH), has retired, leaving behind a legacy of hard work, commitment, kindness and service to the School community.
For many people at the School of Public Health, the sight of Claire arriving early in the morning, opening up the building and ensuring that everything was in order was simply part of the daily rhythm of life at the School.
For 14 years, Claire has been a constant presence at SPH. She has witnessed generations of staff, students, researchers and visitors walk through the School’s doors. She has seen colleagues join, grow and eventually move on, while she remained a dependable presence, quietly carrying out her responsibilities and ensuring that the School was ready to welcome everyone each day.
Her retirement was therefore more than a routine farewell. It was an opportunity for colleagues to celebrate a woman whose contribution, though often carried out behind the scenes, touched many lives and contributed significantly to the smooth running of the School.
At a farewell brunch organised by the Dean, School of Public Health, Prof. Rhoda Wanyenze, colleagues and friends described Claire in glowing terms. Words such as hardworking, kind, patient, resilient, dependable and caring repeatedly featured in the tributes.
For many, Claire was much more than a custodian. She was described as a mother figure, a counsellor and someone people could approach whenever they needed a listening ear, encouragement or simply a warm smile.
A commitment that went beyond the call of duty
One of the strongest themes to emerge during the farewell was Claire’s extraordinary commitment to her work.
Colleagues recalled how she would routinely open the School building as early as 6:00 a.m., ensuring that staff and students arriving for the day found the premises ready. Her working day could stretch well into the evening, with some days requiring her to remain at the School until 8:00 p.m. or even 10:00 p.m.
Despite the long hours and demanding nature of her responsibilities, colleagues said Claire rarely complained. Instead, she approached her work with patience and resilience, always focused on ensuring that the School was secure and that its operations could continue smoothly.
Her dedication was particularly evident in her contribution to improving the security of the School building. Over the years, Claire became a trusted custodian of the premises, helping to ensure that the building was opened and closed responsibly and that the environment remained secure for those who worked and studied there.
Speaking at the farewell, Prof. Wanyenze described Claire as someone who consistently worked beyond the call of duty.
The Dean acknowledged that saying goodbye to Claire was an emotional moment, given the many years she had spent serving the School and the relationships she had built along the way.
However, Prof. Wanyenze said she had spoken to Claire and was assured that she was ready to embrace the next phase of her life.
She joined colleagues in wishing Claire good health, happiness and prosperity as she begins her retirement journey.
More than a custodian
Claire’s impact at SPH was not limited to the physical responsibilities associated with her job. To those who interacted with her regularly, her greatest contribution was perhaps the warmth and humanity she brought to the workplace.
Amos Ddembe, the Internal Auditor, described Claire as a joy to watch as she went about her work.
He particularly remembered her interactions with people when she was stationed at the reception area. Claire, he noted, was almost always smiling and welcoming to staff and visitors.
Her ability to make people feel comfortable, regardless of their position or role at the School, earned her the affection and respect of many colleagues.
Claire’s colleagues also remembered her as someone who was willing to listen and offer guidance. Her patience and calm demeanour meant that people could approach her with their concerns, knowing they would receive a sympathetic ear.
Over the years, these seemingly small interactions accumulated into meaningful relationships, helping to make Claire one of the most recognisable and trusted members of the SPH community.
A legacy of service
Fourteen years is a significant period in the life of any institution. During that time, Claire witnessed changes in leadership, staff, students, programmes and the physical environment of the School.
She remained a constant through these transitions.
Her service represents the important contribution made by members of the support staff whose work often happens quietly but is essential to the functioning of an institution.
From opening the building before sunrise to securing it late in the evening, welcoming people at reception, supporting the day-to-day operations of the School and contributing to the security of the premises, Claire’s work helped create an environment in which others could perform their own responsibilities.
Her story is a reminder that the success of an institution is built not only through high-profile academic and research achievements, but also through the dedication of people who ensure that the institution functions every day.
A gesture of appreciation
As part of the farewell, the Department of Community Health and Behavioral Sciences also expressed its appreciation for Claire’s years of service.
Representing the Department, Dr. Christine Nalwadda presented Claire with a cash envelope on behalf of the staff as a token of appreciation for her commitment and contribution to the School.
A new chapter begins
As Claire leaves the School of Public Health, she takes with her the memories of 14 years of service and the goodwill of the many people she encountered along the way.
For the colleagues who gathered to celebrate her, the farewell was not simply about marking the end of employment. It was about celebrating a colleague who had become part of the fabric of the School.
As she begins this new chapter, the School of Public Health joins together in saying:
“Thank you, Claire, for 14 years of dedicated service. Thank you for the early mornings, the long evenings, the smiles, the patience and the unwavering commitment.
May retirement bring you the good health, peace, happiness and prosperity you so richly deserve.”
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