VANCOUVER, B.C.: The Canadian Taxpayers Federation (CTF) has calculated the pensions of all MLAs who did not win or seek re-election last night. The total payout could top $26 million. MLAs are eligible for pensions after six years of service. Pensions increase by the rate of inflation every year, and can be collected at age 65. The CTF’s lifetime estimate figures assume the individual lives to age 80. Taxpayers put in $4 for every $1 a politician pays into their pension account. “The MLA pension payout ATM is spitting out cash at a rate taxpayers can only dream of,” said Jordan Bateman, CTF B.C. Director. “A dozen former MLAs will soon join the million dollar pension club – while most of us are scraping together every nickel we can find for our own retirements.” These numbers assume MLAs "bought back" missing time from 1996 to 2007, when there was a far more modest pension system in place. The list of MLAs who bought back has been kept secret, but the CTF have yet to hear from any of the retirees that they didn't buy back that missing time. Exiting MLAs also receive up to 15 months of severance at the $101,859 MLA annual salary—which includes a top-up if the politician takes a job at less than six figures. They are also eligible for up to $9,000 in “training” funds.Excerpts:
Ida Chong (Oak Bay-Gordon Head; 17 years): $89,405 year 1; $1.55 million lifetime
George Abbott (Shuswap; 17 years): $89,084 year 1; $1.54 million lifetime
Bill Barisoff (Penticton; 17 years): $90,992 year 1; $1.57 million lifetime
Colin Hansen (Vancouver-Quilchena; 17 years): $89,039 year 1; $1.54 million lifetime
Kevin Falcon (Surrey-Cloverdale; 12 years): $62,893 year 1; $1.09 million lifetime
Blair Lekstrom (Peace River South; 12 years): $59,912 year 1; $1.04 million lifetime
John Les (Chilliwack; 12 years): $48,289 year 1; $835,000 lifetime
Harry Lali (Fraser-Nicola; 14 years): $63,886 year 1; $1.1 million lifetime
John van Dongen (Abbotsford-South; 18 years): $85,591 year 1; $1.48 million lifetime
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