Posted on 05/19/2010 4:44:33 AM PDT by reaganrevolutionin2010
This statement does bring up a great question....exactly what is or are the retirement package/benefits for house members and senators? And when does one of them qualify for it?
I'd really like to know.....
Members elected since 1984 are covered by the Federal Employees' Retirement System (FERS). Those elected prior to 1984 were covered by the Civil Service Retirement System (CSRS). In 1984 all members were given the option of remaining with CSRS or switching to FERS.
As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes.
Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Members of Congress have to serve at least 5 years to even receive a pension.
The amount of a congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.
According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006.
"Members elected since 1984 are covered by the Federal Employees' Retirement System (FERS). Those elected prior to 1984 were covered by the Civil Service Retirement System (CSRS). In 1984 all members were given the option of remaining with CSRS or switching to FERS.
As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes.
Members of Congress are not eligible for a pension until they reach the age of 50 (this must change to at least 62 if not a full 66.5), but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Member's of Congress have to serve at least 5 years to even receive a pension (IMHO- this needs to be changed to 7 years - that way, no one term senator gets any retirement.)
The amount of a Congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary. (So, if I read this right, Spec-tar gets 80% of $174,000 for the rest of his life.)
According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006."
Just thought some of you would find this interesting.
Our plan would have worked, if not for those meddling kids.....
If we abolish the congressional pension then we will get those hangers-on out of there.
If there is no pension, people will not be able to afford to stay more than a few terms.
Sounds like a plan to me.
Hmmmmm.....I'm not sure that all congressional pensions should be "abolished"....
Let's see....change it so that no congressional member qualifies for a pension until they've served a minimum of 7 years. Pension amount is set thus:
0-6 years = 0%
7 - 13 years = 20% of beginning salary
14 - 19 years = 50% of beginning salary
20+ years = 65% of beginning salary
"Cost of Living" adjustments after retirement tied to actual unemployment rate, consumer price index, and inflation rate; it can never exceed 1.5% for any given year, and it can go down based on the indices cited.
Cannot begin to draw retirement until age 66.5 or the age congress sets for maximum social security benefits.
How's that??
NA NA NA NA, NA NA NA NA, HEYYYY GOODBYE!
Don't go away angry, just GO AWAY!
"Onward to San Diego Comic Con!"
CNN’s newest anchor.
When you get all of your information from the Pravda Media, reality has a way of hitting you across the face like a cold fish.
Two words:
Term limits
“CNN’s newest anchor”
***
Actually, I wouldn’t be surprised if he does get some kind of job, perhaps as a “contributor” to CNN or MSNBC, or as a consultant, or a lobbyist or something. He’ll get his pension plus a nice chunk of change for doing basically nothing.
And he will be the media’s “voice of conservativism”.
Short and sweet: Good riddance, Benedict Arlen!
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