Retired MLAs who are eligible to collect under the plan get two per cent of the average of the best-earning years as an MLA, multiplied by the number of years of service.

Cabinet ministers, the Speaker and committee chairs get another two per cent of their best four years in those positions multiplied by the number of years they served in the position.

Unlike federal MPs, who can collect immediately upon leaving office, the MLAs can't collect until they are 55. Those who wish to continue working past retirement age can defer benefits until the age of 71.

Former MLAs now collecting under the plan get an average of $1,145 each per month.

A total of 27 former MLAs are being paid $371,268 under the plan each year. Inflation has no effect on pension benefits, since payments are linked to the consumer price index.

The pension fund, administered by the Coles Group, a Vancouver firm, has been so successful the GNWT had to stop contributing on April 1 last year. The government will not make another contribution until March 31, 1999.

MLAs made no contributions to the plan for the first eight years of its existence. Government contributions started being supplemented by the nine per cent contribution from members in 1990.

Tax law limits the surplus that can be accumulated in a pension plan relative to the amount contributors stand to collect.

According to an evaluation by the Coles group, the MLA pension plan, with assets of $11,205,000, is in danger of exceeding that limit.

MLAs continue to contribute nine per cent of their total pay to the plan.