The election is over and now the taxpayer payoffs begin for departing MLAs. Elections and politicians cost money, but that's the price of democracy. In the interests of public disclosure, here are some numbers to chew over as it concerns the recent BC election.

My thanks to several journalists who pointed out some minor errors in the original calculations, including attributing severance packages to three defeated NDP cabinet ministers first elected in 1986. (Being originally elected in 1986, they still receive the rather generous pension plan payouts but were not eligible for the much smaller severance payouts.)

The final, updated list of MLAs and their pension payouts is available at www.taxpayer.com. Here is the taxpayer's guide to the provincial pension numbers.

$23.9 million: This is what taxpayers will pay out to 31 retiring and defeated MLAs. That number assumes some inflation, and that MLAs will collect to age 75 (thought they could collect until death.) If inflation is lower than the assumptions contained in the calculations, that number will be less. On the other hand, in the spirit of generosity and regardless of past political disagreements, one would hope that ex-MLAs live as long as possible. Thus, that number may grow and be more than $23.9 million.

The New Pension Plan: The good news for taxpayers is that the pension plan was reformed in 1997. Only those MLAs elected before 1996 are eligible under the now-expired pension plan, and only for their pre-1996 service. The current pension plan is fairer to taxpayers. Similar to many private sector plans, it is a group-style RRSP. Taxpayers currently contribute nine percent of a MLAs salary into that RRSP, which MLAs have the option of matching.

Severance Payments: 21 MLAs who ran and were defeated (and were not in the Legislature before 1991) are eligible for severance payments of between $29,583 and $56,800. For every year a MLA was in the Legislature, they are eligible for the equivalent of one month's pay. If they are eligible to collect the pension right away, then pension payouts are delayed until they exhaust the severance package.

Transition Allowance: Each MLA that ran and was defeated, and was not in the Legislature before 1991, is eligible for a transition allowance of $5,000.

The Totals: Given the existence of the old pension plan for many departing MLAs, taxpayers will fund the old pensions at about $23.9 million (give or take a few million depending on inflation and how long ex-MLAs live thrive in old age), over $1.1 million for the post -1997 group RRSP contributions from taxpayers for defeated or retiring MLAs, severance packages worth over $920,000, (though given that some MLAs will have their pension cheques delayed, this number should not necessarily be added on to the total pension payout total.) The transition allowances may cost up to $105,000.

Big Winners under the Old Pension Plan: Glen Clark, Joan Smallwood, David Zirnhelt, Lois Boone, Dan Miller, and Jan Pullinger will all pull in over $1 million-plus to age 75 under current projections. Jack Weisgerber, Andrew Petter, and Dale Lovick are all in the $900,000-plus lifetime range. Were they worth it On this one, individual taxpayers will have to make that judgment call.