VANCOUVER, B.C.: The Canadian Taxpayers Federation (CTF) released numbers today showing fully one-quarter of the BC Legislature became eligible to collect MLA pensions this month, as MLAs elected in 2009 have hit their six-year service mark.

“It’s a big day for the class of 2009 as they graduate into their new pensions, funded mainly by taxpayers,” said Jordan Bateman, CTF BC Director. “MLAs should be on an RRSP plan, with taxpayers matching contributions at a dollar-for-dollar rate. Why should an elected official have a better pension than anyone else?”

According to calculations done by the CTF, on average, taxpayers contribute $4 to a MLA pension for every $1 the MLA contributes.

The class of 2009, with first year pension payouts (age 65) and estimated lifetime totals: 

Information about two other MLAs was also released by the CTF. The NDP’s Spencer Chandra Herbert was the only MLA elected in 2008. He became eligible for his pension last year. At age 65, he will collect at least $32,365, for a lifetime total of nearly $870,000.

NDP MLA Jenny Kwan, who is resigning her seat to run federally, is eligible for a $75,820 annual pension at age 65, with a lifetime total of just over $2 million. If elected to the House of Commons, Kwan will begin building a second pension as an MP.

“Already, Jenny Kwan will receive a pension greater than the income of the average B.C. household – plus she can start building an even richer MP pension,” said Bateman.

MLAs become eligible for pensions after six years of service. With the class of 2009 having taken office in June 2009, they are now eligible for pensions at age 65 (Retirees can opt to take a reduced amount at age 60).

Pensions are calculated based on an average of the MLA’s three best years of earnings and years of service, meaning cabinet ministers and committee chairs are eligible for larger amounts, as are longer-serving members. Pensions are also indexed to the rate of inflation.