Presenting the  bill, already passed in the  House of Representatives, Senator Joseph Nagbe, chair of the Senate committee on Judiciary,  said  the pension act,  if  concurred  by the Senate, will afford each retired lawmaker to  earn half of the salary of an incumbent legislator.

“...Any member of the national legislature who has been elected and has served as a Representative or Senator  who is not gainfully employed by government shall upon retirement from the Legislature receive from government an amount equal to 50% of the salary of an incumbent legislator.

“In addition, a former member of the national legislature shall be provided a personal staff and special benefits for the remainder of his/her  life, and the allowance for those purposes shall not be less than US$48,000 per annum, for the surviving spouse, US$24,000 and where the spouse is no more, the children take over, “ Sen. Nagbe read in the bill to resounding cheers from his colleagues.

But few senators immediately denounced the pension package, saying it would be a “financial burden on Liberia’s crippling economy.”

Sen. Nagbe said the scheme would also benefit  the  Speaker, Deputy Speaker and President pro-tempore of the Senate.

The retirement bill also covers the President, Vice President, Chief Justice and members of the Judiciary.

There are provisions that each of them would receive 50% of the salaries of incumbents, as well as other benefits similar to the pension scheme of the legislature upon retirement.

“The former Speaker, Deputy Speaker and President pro-tempore shall [also] receive 50% of the salary of their incumbents. In addition to that  amount, the former speaker shall receive US$60,000 per annum and the surviving spouse of the deceased former Speaker shall receive not less than US$30,000 per annum, which shall be paid to the children in equal proportions, after the spouse dies.

“The former deputy speaker of the House of Representatives shall upon retirement,   receive 50% of the salary of the incumbent per annum.

In addition to this, the deputy speaker shall receive US$ 48,000 per annum. (Such shall be suspended if he/ she is  gainfully employed with government). When he/she dies, the spouse shall receive US$24,000 annually, or the amount shall be divided equally among the children,” the document said.

It also said a former President Pro-tempore shall receive an allowance of not less than US$60,000 per annum. The surviving spouse of the deceased former President Pro-tempore shall be entitled to 50% of the pension received  by the former President Pro-tempore and US$30,000 per annum or to the children in equal shares.”

Sen. Nagbe said the pension bill also includes duty free privileges, as well as entitlement to  official and diplomatic passports for each of the pension beneficiaries and their families.