Egerton University Retirement Benefits Scheme was started in 1966 then known as Egerton Agricultural College Retirement Benefits Scheme inaugurated on 23rd October 1967.
The first trust deed was signed on 21st December 1979. The scheme was then in 1987 renamed to Egerton University Retirement Benefits Scheme (EURBS).

According to the Retirement Benefits Act, normal retirement is at 55 years and early retirement at 50 years. One can also retire on medical grounds.The university however, has the following retirement ages for various categories of staff:

EURBS is a Defined Contribution scheme whereby employees contribute 10% of basic salary, while the employer contributes 20% of employee’s basic salary.
The total contribution is sent to the scheme custodian account by the 10th day of the following month as required by the law. Currently there is non- remittance of member and sponsor contributions due to financial crisis being experienced by universities except Chuka University and Laikipia University who are up to date.
This has impacted negatively on the interests declared during the financial year 2017/2018 as well as that which will be ending in June 2019.

On retirement members get a third of their pension benefits in lumpsum while the balance is used to buy pension annuities where they earn monthly payment.
EURBS members are also entitled to three years basic salary on death while on service through Group Life Insurance Scheme, whose premium is paid by the sponsor.

The scheme is run by a Board of Trustees. Over time the composition and size of the board of trustees has been changing in order to reflect guidelines stipulated by the Minister for Finance. Currently, there are eight trustees whose composition is as follows:
i. Four (4) trustees elected by the members
ii. Four (4) trustees nominated by the sponsor
The board of trustees has elected a board Chairperson and a Secretary as provided by the Act. This board is constituted every three (3) years.

The board of trustees is supported by a secretariat for the day to day running of the office and liaising with the various service providers on behalf of the trustees.

The board of trustees has constituted two major sub-committees for efficient and effective management of the scheme affairs. These are;

i. Administration Sub-Committee – General administrative matters of the scheme
a. Distribution to members benefits on retirement.
b. Distribution of benefits to beneficiaries of deceased members and Keeping money in trust fund for deceased member’s children to cater for their needs.
ii. Investment Sub-Committee – Vested with the administration of the scheme’s investment matters

Current Status of the Scheme

The current value of the scheme Kshs. 9.6 billion as at 8th May 2019 with the membership as follows: