MLA Pensions & Severance: The Raw Numbers
Author:
Mark Milke
2001/05/16
VICTORIA: The BC division of the Canadian Taxpayers Federation (CTF) today released the list of estimated pensions for retiring and defeated Members of B.C.'s Legislative Assembly.
In brief:
Retiring and defeated MLAs eligible under the pre-1996 pension plan will collect an estimated $23.9 million assuming they collect from eligibility to age 75. (Eligible MLAs may collect beyond age 75 but CTF calculations stop at age 75.)
Post 1997 taxpayer contributions to the new MLA RRSP plan are estimated to be $1.1 million.
Severance payments (for defeated MLAs only) - one month for each year of service since 1991 - is estimated to be worth $1,091,030.
Each defeated MLA is also eligible for a transition allowance of up to $5,000 if receipts are provided for eligible claims. If every defeated MLA used the full amount, the amount would be $120,000.
"The pre-1996 pension plan is gone but as this list shows, the costs will be with taxpayers for some time to come, " said CTF-BC director Mark Milke. "Taxpayers will have to make their own judgment about which MLAs they think were worth the cost."