The Kerryman (South Kerry Edition)
€76k for Ferris in Dáil retirement windfall payout
FORMER SINN FÉIN DEPUTY ONE OF 17 TDS TO SHARE IN €22M BONANZA
FORMER Kerry Sinn Féin TD Martin Ferris is set to receive over €76,000 in ‘golden handshake’ payments following his resignation from the Dáil in February.
Deputy Ferris – who served as a TD for 18 years from 2002 until he stood down at the last General Election – is one of 17 retiring TD’s who will share in a pot of around €22 million in ‘termination payments’.
These parachute payments – which are based on a TD’s length of service in the Dáil – are paid out to all TD’s that either retire from office or lose their seats at an election.
The payments are in addition to the pension that all TD’s are entitled to.
Under the rules governing the payments and based on his 18 years as a TD Mr Ferris is entitled to a once off lump sum and 12 monthly payments worth a combined total of just over€76,000.
On foot of freedom of information requests the Houses of the Oireachtas last week published details of all ‘termination payments’ made in January and February this year.
These figures show that in February Mr Ferris was paid a lump sum of €16,031 – the equivalent of two months Dáil salary – along with his first monthly payment of €6,011.
The monthly sum provided to retired TDs – paid out for a maximum of 12 months – varies through the year.
For the first six months a TD with over 14 years service, such as Mr Ferris, will receive a monthly payment equivalent to 75 per cent of their Dáil salary. For the remaining six months this is cut to 50 per cent.
These payments come on top of the standard pension paid to all TDs which is also based on their length of service.
While exact figures have not been published Mr Ferris – who turned 68 last week – would be entitled to a pension worth €42,000 a year in addition to a €126,000 lump sum payment.
The figures published last week do not include former Kerry Fianna Fáil TD John Brassil who lost his seat at February’s election.
Deputy Brassil is entitled to similar ‘parachute payments’ though with only four years in the Dáil his payment will be significantly lower than Leinster house veteran Mr Ferris.