As a number of provincial politicians have bowed out of running for re-election ahead of Oct. 24, a national tax reform advocacy group is highlighting the cost of political retirement– to the tune of $20 million – with taxpayers footing the bill.
“While we thank these retiring politicians for their work, taxpayers need to know the huge cost of these gold-plated pensions,” said Kris Sims, B.C. director of the Canadian Taxpayers Federation.
“These pensions simply aren’t affordable for taxpayers. MLAs need to reform their pension plan.”
According to the government, MLA pensions are calculated by taking the highest earning years of the retiring MLAs and factoring in their years of work. The annual pension payments are capped at 70 per cent of the highest earning years.
That means that for every $1 the politicians contribute to their own pension plans, taxpayers pay $4, Sims said.
“It’s time to end these rich pension schemes,” said Sims, adding that MLAs not seeking re-election are allowed to collect the equivalent of their salaries for up to 15 months while they look for new jobs, and they get up to $9,000 if they need skills training.
The federation calculated the expected pensions for 16 retiring MLAs, and determined that former house speaker and BC Liberal MLA Linda Reid is expected to collect the highest per-year amount, roughly $107,000 annually when she turns 65 years old.
Reid, who represented the Richmond South Centre since 1991, is the longest-serving woman in B.C.’s government history.
Other estimated pension totals for MLAs include:
- Tracy Redies, B.C. Liberal MLA – ineligible due to less than six years in office.
- Claire Trevena, NDP cabinet minister – estimated $80,000 per year, $1.9 million lifetime.
- Shane Simpson, NDP cabinet minister – estimated $80,000 per year, $1.9 million lifetime.
- Scott Fraser, NDP cabinet minister – estimated $80,000 per year, $1.9 million lifetime.
- Carole James, NDP cabinet minister – estimated $82,000 per year, $2 million lifetime.
- Michelle Mungall, NDP cabinet minister – estimated $58,000 per year, $1.4 million lifetime.
- Judy Darcy, NDP cabinet minister – estimated $37,000 per year, $647,000 lifetime.
- Doug Donaldson, NDP cabinet minister – estimated $58,000 per year, $1.4 million lifetime.
- Rich Coleman, former B.C. Liberal cabinet minister – estimated $109,000 per year, $2.6 million lifetime.
- John Yap, former B.C. Liberal cabinet minister – estimated $65,000 per year, $1.5 million lifetime
- Darryl Plecas, Independent Speaker – estimated $38,000 per year, $714,000 lifetime.
- Andrew Weaver, former Green Party Leader – estimated $31,000 per year, $764,000 lifetime.
- Donna Barnett, B.C. Liberal MLA – estimated $46,000 per year, $400,000 lifetime.
- Linda Larson – B.C. Liberal MLA – estimated $29,000 per year, $469,000 lifetime.
- Ralph Sultan, former B.C. Liberal MLA – estimated $74,000 per year.
- Linda Reid, former B.C. Liberal Speaker – estimated $107,000 per year, $2.6 million lifetime.
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