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A certain infamous MLA is retiring with a pension of $54K after 10 years “loyal” service. Another MLA, who resigned unexpectedly and is now clamming up, is retiring with a pension of $41K. Entitled to their entitlements—bitemyarse.com —Basil Fawlty
This article appears in Mar 11-17, 2010.
15 Comments
yep… now that there are rules,
they’re taking their ball and going home.
ain’t that a bitch,oh yes, it is hee. methinks i’m in the wrong fucking racket.
They should be forced to accept that fucking money rectally.
Agreed TTFN…and it should be in loonies and given publicly since they were in public service so we get real entertainment value for our money!
And when I retire, I’ll have enough money from my CPP to afford cat food. Might as well get used to it.
And your average public servant walks away with $30K after 30 years, yet we get shit on.
UM, if it’s 50% or less than they make now, how is that a good thing? Pensions are basically supposed to *supplement* your retirement savings to put you in a position to live at least the same way as you did before retirement.
BUT if you have no or inadequate retirement savings, you’re stuck with your pension. Good luck to those who expect that 50% of what they can’t live on now, which includes MLAs.
It just *looks* like a big pension compared to what most people make annually in this povince.
Gidget, they make more than enough to save up and make a nice, fat RRSP
and the tax rate when they start drawing the pension/rrsp is so low…
you really don’t need anywhere near 100% of what you make while saving for retirement…
not to mention, you’re NO LONGER saving for retirement anymore either
and presumably own your property to live on
(more common with the older folk these days than it’s going to be when I retire….)
if you get %60 of what you made while putting away for retirement, you should be living pretty much on par… just hope you don’t live to be 105 or you’re fucked.
Gidget, the whole 50% rule thing makes sense if these guys have been paying into this pension plan for 30 some odd years, as opposed to 10 years. $54K after 10 years is like earning $5.4K per year of pension accrual (which, I might add is over the ITA limit). They obviously have some kind of f-ed up deal where they are given credit for past or future service. I wish I could quit my job because of a major fuck up and get that kind of deal…
I’d hate to see the deductions section of their paystubs. To get that big a pension, they’d have to contribute a fortune.
Is this the same MLA that Q104 has that supposedly hilarious contest for? Fuck that shit’s annoying, and really not funny. Not that I’m offended, it’s just not funny. I try not to listen to Q104 at work anymore, though sometimes I have no choice!
Forget that up until a few months ago, banks were granting 35+ year mortgages to people in thier 30’s and 40’s, so there goes the whole idea of having your mortgage paid off at retirement age.
Just because you own your home doesn’t mean you don’t need money during retirement – you still have to pay property tax, upkeep (especially if you’re too old/frail to do things like shovel snow, mow your lawn, let alone things like roofing etc.), insurance on your property, utilities, etc.
Since your mortgage should never be over 33% of your income (as far as I remember that’s the bank’s DSR for mortgages), that means you still need at least 67% of your income to cover the basics of living, provided you want a decent quality of life on par wth what you had before retirment.
Nevermind that most people have second and third mortgages and consolidation loans, plus they require medical plans since they’re retired, and company plans don’t cover things like medical and dental when you don’t work there anymore.
So that minimum of 50% rule is not outdated at all, considering retirement is not an age, it’s a dollar amount…
i don’t think i will retire…dropping dead at work sounds appealing
yeah… they can bury me here under my desk…
This funeral sponsored by fabreeze…
when that rotting carcass starts to smell, let fabreeze take you back to the fresh, mountain air.
*no live humans were harmed in the making of this ad.
The guys in the press that the OP refers to are not the worst of it. Our esteemed Premier, he of the “I don’t wanna pay my bar society fees”, will collect a pension of approximately $150K a year at age 55 — from our pockets, forever. Their deductions come nowhere near the amount needed to support such generous pensions. It is absolutely ridiculous.