Effective April 1, 2005
MLA PENSION PLAN AND ALTERNATIVE RRSP PLAN
The Commissioner for MLA Pay, Allowances and Retirement Benefits recommended that a Defined Pension Plan be made available as an alternative option to the existing RRSP Plan described below. The MLA Pension Plan is currently being established by Regulation. It will have a 7% contribution rate by Members on total pay and an accrual rate of 2% for pension calculation purposes.
As an on-going alternative to the MLA Pension Plan, a Member may contribute up to 7% of his or her total pay to one or more RRSPs of the Member's choice, including a spousal RRSP. A matching contribution is made by the Crown. Total pay includes the Member's basic Salary and any additional indemnities paid to the Member.
Newly elected Members on April 25th, 1995 and in subsequent elections, are eligible for the Transition Allowance. Members who choose to not run again in an election or who are defeated in the nomination process are eligible for this allowance to a maximum of 6 months' pay. Members who are defeated in an election are eligible for this allowance to a maximum of 12 months' pay. Members who resign voluntarily before an election, unless for serious medical problems, are not eligible for the Transition Allowance.