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VANCOUVER: The Canadian Taxpayers Federation (CTF) today released its calculations of the $7 million in retirement benefits and $1.8 million in severance payouts for MLAs who quit, retired or were defeated in the May 12th election.
"The return of gold-plated pensions and generous severance perks gave golden handshakes to 19 MLAs, paid for by taxpayers," said Maureen Bader, B.C. Director of the CTF. "This is the same type of gold-plated pension scheme abolished 13 years ago because according to the recently re-elected premier - it was too rich."
Over the past three years, all MLAs have contributed $2.9 million into the pension fund. Taxpayers will fund $7 million for the ousted ten who are eligible for pension benefits. As a result, taxpayers will cough up $2.4 for every $1 paid by MLAs. Nine MLAs are not eligible for pension benefits because they did not serve for the minimum six years or were past 70 in 2007 when the new plan was implemented.
"Taxpayers, many of whom do not even have an RRSP, let alone a pension, are on the hook to fund big pension benefits for politicians," said Bader. "Politicians have put their own interests ahead of the people they purport to serve and will leave taxpayers to burden under a legacy of higher taxes."
The CTF’s calculations suggest that one former MLA, Richard Neufeld, can expect to receive benefits in excess of $1 million to age 80, topping the pension bonanza list with estimated benefits of $1.3 million.
MLAs who decided not to run again and those defeated will divvy up a total of $1.8 million in severance benefits.
"Taxpayers who quit or are fired with cause from their jobs are not eligible for severance, unlike MLAs," said Bader. "MLAs have created a culture of entitlement for themselves that is completely out-of-touch with the realities of taxpaying families. This must change."
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