News Releases
Government Home Search Sitemap Contact Us  


March 26, 1998
(Finance)


------------------

FACT SHEET
Government addresses reform of MHA Pension Plan

 

- Government recognises that pension arrangements for Members of the House of Assembly need to be reformed and accordingly, will be introducing appropriate legislative changes to that plan during this Session of the House of Assembly. These changes will be retroactive to April 1, 1998.

- Effective immediately, the following measures will be implemented for all Members of the House of Assembly:

- pension contributions will be increased from their present 7 per cent to eight per cent effective April 1, 1998, and nine per cent effective April 1, 1999

- for all service included in the pension calculation, including past service, a formulated reduction will reduce MHAs' pensions at the time they receive Canada Pension Plan benefits, (stacking will no longer exist) and

- the benefit accrual rate will be adjusted to provide maximum benefit after 20 years of service, for new members, instead of the current 17 years.

- As is case with addressing the unfunded liabilities of all other pension plans, MHAs are being asked to share in the solution.

1998 03 26 3:34 p.m.

SearchHomeBack to GovernmentContact Us


All material copyright the Government of Newfoundland and Labrador. No unauthorized copying or redeployment permitted. The Government assumes no responsibility for the accuracy of any material deployed on an unauthorized server.
Disclaimer/Copyright/Privacy Statement