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??
I appreciate your comments. But I think simpler is better. Here is my thinking:
You need to find a way to keep these guys from staying forever. That serves no one. If the states want to set up a pension for their critters that want to spend their lives “representing” then go for it.
If we simply say that serving is its own reward, then they will know that going in.
And, yeah—corruption charges should be added to the constitution along the same lines as treason.
Try this
0-6 years = 0%
7 - 13 years = 20% of beginning salary
14 - 19 years = 0% of beginning salary
20+ years = -20% of beginning salary
401a or a 401k with 100 matching (yes it is in the original legislation and is usually done with doctors on staff at major hospitals).
And 5 year vesting like the rest of us...