BC: Coleman Joins Maxed Pension Club
Fort Langley-Aldergrove BC Liberal MLA Rich Coleman is celebrating the 20th anniversary of his election to the Legislature this week.
That 20 years is an important marker – it means an MLA has basically maxed out his or her pension.
For his two decades of service, Coleman is now eligible for a $106,663 year 1 pension payout at age 65. This is indexed to inflation, and will rise every year. If Coleman lives to be 80, that lifetime pension is worth $1.84 million. (Bear in mind, taxpayers generally put in $4 for every $1 the politician puts in.)
The only way Coleman could grow his pension now is to raise his annual salary – MLAs have had their pay frozen for several years. Raising it now (or if Coleman became Premier, the only job that pays more than a cabinet minister) would nudge his pension up.
Coleman’s not the only MLA who has maxed out.
The NDP’s Mike Farnworth has served 21 years (1991-2001, 2005-present). His year 1 pension payout is $83,470 for a lifetime total of $1.44 million.
BC Liberal Mike de Jong has served 22 years (first elected in 1994). His pension is identical to Coleman’s: $106,663 in year 1, and a lifetime total of $1.84 million.
BC Liberal Linda Reid is the longest serving member in the house, having been first elected in 1991. She’s in line for a $104,298 year 1 pension, for a lifetime total of $1.8 million.
Weirdly, as these four approach age 65, it’s now cheaper for taxpayers to keep them in office, as it saves us from having to pay out both a pension to them and a salary to a new politician.
For a breakdown of pension payouts to current MLAs who have announced their retirements, click HERE.
And for more on all the other benefits MLAs get, click HERE.