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Effective October 5, 2011
MLA PENSION PLAN AND ALTERNATIVE RRSP PLAN
The Legislative Assembly Pension Plan (LAPP) was registered with Canada Revenue Agency effective December 7, 2005. It has 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 resign, retire or are defeated are entitled to receive the equivalent of one month's salary for each year of service and pro-rated for part of each year of service. The minimum transition payment is three (3) months' pay and the maximum is twelve (12) months' pay. Members have the option of receiving the transition payment in a lump sum or bi-weekly payments.