TORONTO - Dalton McGuinty says the $300,000-severance pay he will receive after stepping down as Ontario premier is a much better deal for taxpayers than the gold plated pensions MPPs used to receive.
Whether they quit or lose in an election, members of the legislature are entitled to six months' pay for less than four years service, one year's pay for four to eight years on the job, and 18 months' pay for those who sit even longer than that.
McGuinty says he would have gotten at least ten times more under the old MPP pension plans that were scrapped by former Conservative premier Mike Harris.
The premier says if he were to live another 25 years, the old system would have given him a $70,000-a-year pension - or a total payout of $3.7 million.
Other prominent Liberals who've announced they won't run again, including Finance Minister Dwight Duncan and Energy Minister Chris Bentley, will get severance payments of almost $250,000.
McGuinty notes all three parties approved replacing the old pension plan with severance payments.
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Dalton McGuinty's Scandals
When you lead Canada's biggest province for nine years you're bound to have some missteps. Ontario's Premier Dalton McGuinty has had his share of scandals and mistakes. <p>We highlight a few that caused him more headaches than usual. <p>Photo: Ontario Liberal Party
Back in 2004, a relatively new Liberal government under Premier Dalton McGuinty was forced to go back on a campaign promise not to raise taxes and instituted a health premium of between $300-$900. Photo: Alamy
In 2006, the Liberals tried to announce a new $46-billion energy plan that would see renovations of many of Ontario’s power plants. But the plan became a problem for the Liberals when <em>the Globe and Mail </em>revealed that the government tried to exempt their plans from environmental assessments. Photo: Shutterstock
The government’s plans to modernize medical records in the province ran into massive scandal when reports of overspending, waste and possible conflict of interest were revealed at <a href="http://en.wikipedia.org/wiki/EHealth_Ontario">eHealth</a>, the agency responsible for building a new electronic records system. The scandal forced the resignation of Health Minister David Caplan. <P>Photo: Shutterstock
G20 Police Laws
Dalton McGuinty and the Liberals were criticized for laws giving police greater powers to ensure security during the <a href="http://www.cbc.ca/news/canada/toronto/story/2010/12/08/mcguinty-g20-ombudsman-report652.html">G20 in 2010</a>. The laws were seen by civil rights groups as draconian. Andre Marin, Ontario’s ombudsman also <a href="http://www.thestar.com/news/gta/torontog20summit/article/902817--ombudsman-charges-g20-secret-law-was-illegal">criticized the government</a> calling the laws and police action a massive violation of civil rights. <p>Photo: AP Files/Carolyn Kaster
Ontario’s air ambulance service, Ornge, <a href="http://www.huffingtonpost.ca/tag/ornge-scandal">caused another headache for McGuinty’s Liberals</a> after reports of financial irregularities, cost overruns, huge salaries for managers being kept secret and reports of kickbacks began to emerge in the media. <P>Photo: CP/Globe and Mail
Canceled Power Plants
Hobbled by scandal and facing a resurgent Conservatives in the 2011 provincial election, the <a href="http://www.globaltoronto.com/timeline/6442734189/story.html">Liberals cancelled two power plants</a> in the GTA despite the fact it would cost taxpayers several hundred million dollars. The move would dog the Liberals and is seen as a factor in the resignation of Premier Dalton McGuinty on Monday night. <P>Photo: Michelle Siu/CP
Video By Stephanie Wilkins Of CKWS TV