Calgary's Triple Pension Club | WPN World People News

The Canadian Taxpayers Federation (CTF) released documents obtained from a freedom of information (FOI) request from the City of Calgary that show 236 city employees are set to receive three pensions courtesy of taxpayers on Aug 08, 2018.

Documents released by the CTF also show the number of employees in the “Triple Pension Club” has been exploding over the past couple decades.

“Most people outside government don’t have a workplace pension,” said CTF Alberta Director Colin Craig. “It’s crazy to think that over 200 city employees are set to receive three pensions from the City of Calgary. Bloated perks like this help explain why council keeps raising taxes.”

Employees in the Triple Pension Club will receive the following:
.Local Authorities Pension Plan – A plan that describes
itself as “quite generous,” is mandatory for permanent
employees and receives roughly 52 per cent of its
contributions from taxpayers, 48 per cent by employees.
.Supplementary Pension Plan – A generous pension that
builds on benefits paid from the Local Authorities Pension
Plan. Taxpayers pay 55 per cent of the bill for this
pension while employees pay 45 per cent.
.Overcap Pension Plan – A generous pension that builds on
the other two plans and is 100 per cent paid for by
taxpayers.

Other interesting points:
.City documents obtained by the CTF suggest that as of
2008, only 20 retired employees were receiving three
pensions. Since that time, the Triple Pension Club has
exploded and now more than 200 employees are eligible for
triple pensions when they retire.
.The cost to taxpayers for providing second and third
pensions to city employees is about $5.2 million per year.
.As of 2017, approximately 979 city employees are eligible
to receive double pensions.

The CTF would like to thank former Mayor Rod Sykes and former City of Calgary employee Bruce Morin for their work on investigating the Triple Pension Club at city hall and briefing the CTF on the issue.

Source:Canadian Taxpayers Federation