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MLA pension plan turns into get-rich-quick scheme

Energy, education and entertainment in Baker Lake

PATRICIA D'SOUZA
IN BAKER LAKE

Premier Paul Okalik dealt a mean game of blackjack during a charity casino Tuesday night in Baker Lake. (PHOTO BY PATRICIA D'SOUZA)

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A bill that would liberalize the already liberal MLA supplementary pension plan received first and second reading in the legislative assembly on Tuesday.

Bill 39, An Act to Amend the Supplementary Retiring Allowances Act would give members the option of receiving their entire pension allotment within five, 10 or 15 years of retiring from the assembly.

That means MLAs would not have to wait until age 69 to receive their pensions. Under Bill 39, they could elect to receive the full amount – about $35,000 – five years after their last term in office.

They could receive the payout even while continuing to hold down other jobs.

The bill also calls for the Speaker to provide the assembly each year with the names of members who have opted into the plan, and whether they would like to be paid within five, 10 or 15 years, or after they reach age 69.

The supplementary pension plan was passed last March amid great controversy. Ed Picco, Paul Okalik and Rebecca Williams opted out of the plan, and stood outside the chamber Tuesday afternoon as Bill 39 was being discussed.

MLAs receive funds from the plan, in addition to the Government of Nunavut pension plan that all government staff are entitled to.

Deputy Ministers are also entitled to supplementary retirement benefits. A schedule of financial transfers of more than $250,000, tabled in the assemby by Finance Minister Kelvin Ng on Tuesday, shows that $430,000 was appropriated from centrally administered funds this past March to cover the cost of the DM supplementary pension plan.

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