Retiring and defeated MLA pensions will cost B.C. taxpayers upwards of $27 million — so that pension plan needs some adjustment, says the Canadian Taxpayers Federation.
The CTF has number-crunched the pensions of defeated MLAs who were incumbents heading into the election, including those of Chilliwack MLA John Martin and Chilliwack-Kent Laurie Throness.
They calculated that Martin and Throness could each collect $28,000 per year, with a total of $702,000 lifetime (Throness) and $695,000 lifetime (Martin).
When combined with the pensions of retiring MLAs, the total lifetime pension payout amount is estimated at upwards of $27 million, which B.C. taxpayers would be on the hook for collectively.
READ MORE: Retiring MLA pensions will cost $20M: CTF
The CTF release of Oct. 29 updates their earlier estimate of $20 million, but their most recent figures are pending the mail-in count results after the Oct. 24 provincial election.
“While we wish these defeated politicians well as they chart a new career course, taxpayers need to know the cost of these pensions,” said Kris Sims, B.C. director of the CTF said in a release. “These pensions simply aren’t affordable for taxpayers. Premier John Horgan needs to reform the MLA pension plan.”
MLA pensions are calculated by taking the highest earning years of the MLAs and factoring in years of work. The annual pension payments are capped at 70 per cent of the highest earning year.
For every $1 they put into their own pension plans, taxpayers pay $4.
Estimated pension totals for MLAs who were defeated:
Joan Isaacs, MLA – ineligible due to less than six years in office.
Jas Johal, MLA – ineligible due to less than six years in office.
Mary Polak, Former Cabinet Minister – estimated $80,000 per year and $1.9 million lifetime.
Sam Sullivan, Former Cabinet Minister – estimated $28,000 per year and $680,000 lifetime.
Laurie Throness, MLA – estimated $28,000 per year and $702,000 lifetime.
John Martin, MLA – estimated $28,000 per year and $695,000 lifetime.
Jane Thornthwaite, MLA – estimated $45,000 per year and $1.1 million lifetime.
Marvin Hunt, MLA – estimated $27,000 per year and $511,000 lifetime.
Jordan Sturdy, MLA – estimated $28,000 per year and $702,000 lifetime.
Estimated pension totals for MLAs who are retiring:
Tracy Redies, MLA – ineligible due to less than six years in office.
Claire Trevena, Cabinet Minister – estimated $87,000 per year and $2.1 million lifetime.
Shane Simpson, Cabinet Minister – estimated $87,000 per year and $2.1 million lifetime.
Scott Fraser, Cabinet Minister – estimated $87,000 per year and $2.1 million lifetime.
Carole James, Cabinet Minister – estimated $87,000 per year and $2.1 million lifetime.
Michelle Mungall, Cabinet Minister – estimated $64,000 per year and $1.5 million lifetime.
Judy Darcy, Cabinet Minister – estimated $40,000 per year and $700,000 lifetime.
Doug Donaldson, Cabinet Minister – estimated $64,000 per year and $1.5 million lifetime.
Rich Coleman, Former Cabinet Minister – estimated $101,000 per year and $2.4 million lifetime.
Linda Reid, Former Speaker – estimated $108,000 per year and $2.6 million lifetime.
John Yap, Former Cabinet Minister – estimated $67,000 per year and $1.6 million lifetime.
Darryl Plecas, Speaker – estimated $40,000 per year and $760,000 lifetime.
Andrew Weaver, Former Green Party Leader – estimated $34,000 per year and $826,000 lifetime.
Donna Barnett, MLA – estimated $41,000 per year and $358,000 lifetime.
Linda Larson, MLA – estimated $26,000 per year and $338,000 lifetime.
Ralph Sultan, Former Cabinet Minister – estimated $84,000 per year.
READ MORE: Lucrative pensions in 2013 as well
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