$57,000/Year Golden Handshake for Senator Joan Cook
While Liberal Senator Joan Cook celebrated her 75th birthday, taxpayers were mourning that they are on the hook for her $57,000/year pension according to calculations by the Canadian Taxpayers Federation (CTF). Constitutionally forced to retire on her October 6th birthday, the Senator will no longer have to carry the burden of writing our laws for which she was so legitimately chosen.
Should the good Senator live to the age of 85, grateful taxpayers will have doled out at least $593,000 in pension money for her service to the dominion.
Senator Cook was appointed on the advice of Jean Chrétien in March 1998, serving 11 years and holding several minor positions for which she was additionally paid. The CTF calculated Cook’s pension based on an accrual of 4% for each year of service (nearly 11) multiplied by the average of her five most profitable years ($130,600), adjusted each year for scheduled increases.
But as Senator Cook blows out the candles, collects her birthday money and takes her last steps out of the Red Chamber, a shift is taking place. Her retirement signals the Liberal Party losing its “official” majority in the Senate; creating a rare moment of “minority” balance of power (the Liberals still have the most seats).
While the prospect of undemocratic, reform-blocking Senators taking their leave is welcome news, it comes with a hefty price tag.
From the taxpayers of Canada, happy birthday Joan.
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