With BC Premier Gordon Campbell announcing his resignation today, the CTF set about calculating his pension. A pension that, it should be noted, he voted to significantly enhance in 2007 – despite CTF protest.
Assuming Premier Campbell bought back into the enriched pension plan (he’d be crazy not to…) and if he resigns his seat as the MLA for Vancouver Point-Grey on May 30, 2011 (his ten year anniversary as premier and an approximate date for a party leadership convention), the CTF estimates he would be eligible to collect a pension of approximately $100,880 per year – fully indexed – upon turning 65 in January of 2013. Under this scenario, the CTF estimates that to age 80, the total pension benefits for Premier Campbell would be roughly $2,018,819 (assuming 2% annual inflation).
Premier Campbell would also be eligible to collect a “transition allowance” equal to his base monthly pay for a period of up to 15 months after leaving the legislature unless he becomes gainfully employed or begins collecting his MLA pension. Given his pension collection date of January 2013, Premier Campbell could collect as much as $127,324 in “transition allowance.” He would also be eligible to receive up to $9,000 in reimbursement for career counseling, education and training.
Again, these are CTF estimates that assume Premier Campbell bought back in to the enriched MLA pension changes of 2007. Unfortunately, despite our best efforts the government has refused to release details of which MLAs bought back into the enhanced MLA pension plan. These calculations do not include any retirement benefits Premier Campbell may be eligible as a result of his time in Vancouver civic politics.