MLA pensions changing to line up with civil servants'
The P.E.I. Indemnities and Allowances Commission, which sets compensation for MLAs, has outlined changes coming to MLA pension plans.
The changes come after a letter sent in the fall by Premier Robert Ghiz asking that the commission look at the MLA plan. This followed changes to the pension plans for provincial civil servants.
The commission has now handed in its report to the speaker. It says required contributions of plan participants will increase by one per cent, effective the first full pay period in April of this year. Starting in January of next year indexation will no longer be guaranteed, and increases will come at the same rate as that provided to civil servants.
And after the next election, an eligible MLA must be 57 before being able to collect a pension, up from the current age of 55.