CTF releases new report on council’s pension
- Calgary’s council pension cost taxpayers more than Ottawa, Edmonton and Vancouver combined between 2007-2016
- After just one term on council, a councillor will receive $290,000 in benefits
- Calgary is the only major Canadian city that gives two pensions to its mayor
The Canadian Taxpayers Federation (CTF) released a new report today on the golden pension benefits provided to each member of Calgary’s city council. The CTF renewed its call for Calgary to copy Edmonton’s pension model going forward.
“Over the past decade, taxpayers have contributed more to Calgary’s city council pension than Edmonton, Ottawa and Vancouver combined,” said CTF Alberta Director Colin Craig. “The current council didn’t come up with their golden pension system, but they need to scale it back to something more reasonable.”
Other key findings from the report, include:
- After just four years in office, a city councillor can expect to receive approximately $9,433/yr once retired, rising with inflation for the rest of their life (plus CPP). If they live to 85, they can expect approximately $290,866 in benefits while only contributing approximately $42,037.
- CTF estimates council’s longest serving councillor, Ray Jones, can expect a pension of approximately $66,034 per year if he retires in 2021 (plus CPP). If he lives to 85, he can expect to receive approx. $1,250,704 in benefits (while contributing far less than $208,000).
- Calgary appears to be the only major city in Canada that provides two pensions to its mayor. The CTF estimates that Mayor Nenshi can expect to receive approximately $1,415,791 in benefits if he lives to 85 (while only contributing approx. $158,815).
- From 2007-2016, council’s pension benefits cost taxpayers $6.1 million while council members only contributed $1.2 million towards their pension benefits.
“Calgary should copy what Edmonton does for its city council pension,” added Craig. “Edmonton’s pension system is still generous, but over the past decade, they spent less than half of what Calgary spent every single year.”
To view the report – Click Here