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To: CHARLITE
I have to laugh - Don't the Americans for Prosperity know the democrats do not believe we are capable of doing our own investing and thinking.

Have two questions ---

1. Does congress currently pay into SS?
2. If vested before opting out in the '80's - were they or are they able to draw SS at 62 or 65?

12 posted on 04/30/2005 3:28:35 PM PDT by malia
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To: malia

No they dont if elected before 1984. They are under Civil Service and probably something more generous we dont know about. They all get to invest in the Thrift Savings Plan that has been operating since 1985, matching funds up to 5% and then up to 14% of their income and earning an average of 7-8 percent per year untill retirement. Then they can take a lump sum or annuity. 3 million federal employees and 3 million military are eligible to invest in the five available funds thriough payrol deduction. They also dont have to pay taxes on the money they put in the account until they withdraw it for income.


23 posted on 04/30/2005 4:11:34 PM PDT by bdfromlv (Leavenworth hard time)
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To: malia

They get to draw Social security as long as they have 40 quarters of earnings in the system or when they retire they can work untill they get the credit.


24 posted on 04/30/2005 4:13:30 PM PDT by bdfromlv (Leavenworth hard time)
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