Eligibility for allowance, member
18.  (1) A person who has contributed in respect of at least five years of service and who has credit in the Legislative Assembly Retirement Allowances Account for a number of years of service that, when added to his or her age on the date he or she ceases to be a member totals, (a) in the case of a person who ceased to be a member before the 1st day of October, 1977, at least sixty years; or (b) in the case of a person who ceased or who ceases to be a member on or after the 1st day of October, 1977, at least fifty-five years, is entitled to an annual allowance during his or her lifetime upon his or her ceasing to be a member. R.S.O. 1980, c.236, s.18(1). Deferred or reduced allowance (2) Where a person has contributed in respect of at least five years of service but has not satisfied the sixty year rule or the fifty-five year rule, as the case requires, in subsection (1) on the date he or she ceased or ceases to be a member, he or she may elect to take a deferred annual allowance under subsection (3) or (4) at the age when he or she does satisfy such rule or an immediate annual allowance of a reduced amount under subsection (5). R.S.O. 1980, c.236, s.18(2); 1985, c.20, s.3(1). Calculation of allowance (3) The amount of a person’s annual allowance under this section shall be an amount equal to the sum of, (a) 4 per cent of the average annual remuneration of the person multiplied by the years of service, including part of a year, to his or her credit up to and including the first ten years of such service; and (b) 3.5 per cent of the average annual remuneration of the person multiplied by the years of service, including part of a year, to his or her credit over ten years and up to and including twenty years of such service, but the amount of his allowance shall not exceed 75 per cent of his or her average annual remuneration. R.S.O. 1980, c.236, s.18(3). Person eligible on or after January 1st, 1986 (4) The amount of a person’s allowance under this section, if the person ceases to be a member on or after the 1st day of January, 1986, shall be an amount equal to 5 per cent of the person’s average annual remuneration multiplied by the years of service, including part of a year, to the person’s credit up to and including fifteen years of such service, but the amount of the allowance shall not exceed 75 per cent of the person’s average annual remuneration. 1985, c.20, s.3(2). Computation of reduced allowance (5) Where a person who has contributed in respect of at least five years of service but has not satisfied the sixty year rule or the fifty-five year rule, as the case requires, elects to take an immediate annual allowance of a reduced amount, the amount of his or her allowance shall be calculated under subsection (3) or (4) and then shall be reduced actuarially in accordance with the tables prescribed by the regulations. R.S.O. 1980, c.236, s. 18(4); 1984, c.17, s.3(1); 1985, c.20, s.3(3). Where service less than thirty-six months (6) Where a person who is entitled to an allowance has been a contributor to the Legislative Assembly Retirement Allowances Account for less than thirty-six months, the allowance shall be based upon the person’s average annual remuneration during the months that the person was a contributor to the Account. 1984, c.17, s.3(2). Part of a year (7) Where a calculation under this section involves part of a year, the calculation in respect of that part shall be made on a monthly basis, and, (a) any part of a month less than fifteen days shall be disregarded; and (b) any part of a month not less than fifteen days shall be deemed to be a month. R.S.O. 1980, c.236, s.18(6).