May 23, 2013 - 5:00 PM
Retiring MLA Bill Barisoff will have the second highest pension among retiring or defeated MLAs, the Canadian Taxpayers Federation announced.
Barisoff begins his annual pension at $90,992 which puts him in second place next to former Liberal premier Gordon Campbell. If Barisoff lives to 80 years of age he will make $1.57 million from his pension.
The federation estimated retiring MLAs will cost the B.C. taxpayer up to $26 million. MLAs are eligible for pensions after only six years of service and pensions increase by the rate of inflation every year and can be collected at age 65. Taxpayers put in $4 for every $1 a politician pays into their pension account.
Exiting MLAs 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.
Taxpayers are on the hook for millions just to transition these politicians back to the real world, federation director Jordan Bateman said.
Not included in this list or $26 million total is Premier Christy Clark, who lost her Vancouver-Point Grey seat. In the event she does not seek a seat elsewhere, her pension would start at $59,900 for a lifetime total of $1.03 million.
Boundary Similkameen MLA John Slater, who was dumped by the BC Liberals earlier this year, does not qualify for a pension as he was there for only four years.
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News from © InfoTel News Ltd, 2013