The Board of Trustees of the Makerere University Retirement Benefits Scheme (MURBS) engaged the leadership of MUASA, MASA and NUEI on the revised pro-rata interest allocation methodology and strategic initiatives aimed at strengthening the Scheme and improving member service.
Clarifying Pro-Rata Interest Allocation
The engagement provided an opportunity to explain how interest is credited to members’ accounts under the revised methodology. Key areas highlighted included the shift from simple to compound calculations, the role of contribution remittance dates in determining interest eligibility, and the crediting of interest up to the applicable date before a member exits and receives their benefit.
The methodology also provides for the treatment of project and contract contributions and the allocation and interest treatment of historical and unallocated amounts.
Members were encouraged to regularly check their records and seek clarification where necessary. As the Chairperson, Dr. Michael Kizito, emphasized, “Please come and ask the Scheme. We shall give you the right information.”
Strategic Scheme Developments
The Board also shared updates on key initiatives supporting the Scheme’s long-term sustainability and member service. These included:
• Member data verification and account merging to address historical or multiple records and improve the accuracy of member accounts.
• Management Information System (MIS) development to strengthen operational efficiency, member information management and communication.
• Membership age-profile analysis to support investment planning, liquidity management and assessment of the Scheme’s long-term benefit obligations.
• Unclaimed and unallocated funds management, including efforts to identify rightful owners and encourage members to keep their records updated.
• Enhanced communication through multiple channels, including WhatsApp, X, YouTube and email.
• Strengthening the Departmental Ambassadors Programme through a proposed framework for the selection, training, development and recognition of ambassadors.
Staff Associations Share Perspectives
The Association leaders welcomed continued engagement with MURBS and highlighted areas for collaboration.
MASA Chairperson, Mr. Bruce Twesigye, a pioneer MURBS Trustee, commended the Scheme’s growth and governance, and urged members to take an active interest in their retirement savings, including considering Additional Voluntary Contributions (AVCs) and plan early for retirement: “Retirement is not the end of the road. It is the beginning of a new journey.”
NUEI Chairperson Mr. Isaac Okello, called for continued collective ownership and consultation among MURBS, Associations and Stakeholders, and highlighted the Departmental Ambassadors Programme as key to realising well-selected and knowledgeable Ambassadors who can effectively support member education and information sharing.
MUASA Chairperson Assoc. Prof. Jude Ssempebwa, emphasized keeping members’ interests at the centre of Scheme operations. He welcomed improvements in the computation and communication of interest and encouraged continued collaboration to strengthen member awareness and access to information. “We are stronger together,” he noted.
Feedback
The engagement concluded with an interactive question-and-answer session moderated by Independent Trustee CPA. Edna Rugumayo. Discussions covered interest on member accounts, unclaimed and unallocated funds, investments, retirement preparation, contributions, beneficiaries, and benefit processes.
In his closing remarks, Trustee George Bamugemereire highlighted that retirement preparation goes beyond accumulating savings. Members also need to consider the transition from employment, understand their financial position, and plan how they will use their time and resources to pursue meaningful interests and activities in retirement.
The engagement reaffirmed MURBS’ commitment to Member Focus and continued collaboration with Staff Associations.
Pictorial
Thank you MURBS. Job well done.