Our website is currently under construction and some information may not be up-to-date. For any questions regarding the MLA Plan, please contact our office by phone: 902-424-5070 or by email: firstname.lastname@example.org.
Retirement Eligibility & Formula
There are two components to eligibility: service and age. If you were a member on or after November 1, 2013, you must have at least two years of service. If not, you must have at least five years of service and have been elected at least twice, i.e. two general elections or a by-election and a general election. In either case, to be eligible for an unreduced pension, you must be at least 55 years of age. A reduced pension is payable as early as age 50. The reduction factor is 0.5% for each month from your actual age to age 55.
- At least 55 years of age with at least 2 years of service
- At least 50 years of age with at least 2 years of service (this is a reduced pension)
Calculating your pension
- 5% times years of Indemnity Service times 3 year highest average Indemnity;
- 5% times years of Executive Council Service times 3 year highest average Executive Council Salary
- 3.5% times years of Indemnity Service times 3 year highest average Indemnity;
- 3.5% times years of Executive Council Service times 3 year highest average Executive Council Salary
- MLA pension benefits are paid on a monthly basis on the third last banking day of each month.
- The accrual rate in October 2013 for members who were re-elected was 3.84% (i.e. 0.32% for the month).