Posted on 06/29/2025 12:33:39 PM PDT by DallasBiff
Elected representatives and senators in the U.S. Congress receive substantial pension benefits for life. Congressional retirement pay is not typically a big election-year issue, but it might serve as evidence of a disconnect between lawmakers and the mainstream United States.
SNIP
Congressional members are eligible for their own unique pension plans under the Federal Employees Retirement System (FERS), though there are other retirement options available, ranging from Social Security to the Civil Service Retirement System (CSRS).3 Members of Congress are eligible for a pension dependent on the member’s age at retirement, length of service, and salary.4 The pension value can be up to 80% of the member’s final salary, which is $174,000 per year. At an 80% rate, that’s a pension benefit of $139,200. (The Speaker of the House has a salary of $223,500. The Senate President makes $193,400, as do the majority and minority leaders in the House and Senate.) All benefits are taxpayer-funded.56
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Any moron would know not to let Congressmen grant themselves salaries, retirement, and other benefits.
“When one Congress critter lose election AFTER 4 years in office, how much then?
Nothing. Needs five years to be vested.”
Well, Jesse Jackson Jr. was convicted of at least one felony. Yet, last time i checked he was pulling in a cool $8,000/month in federal disability (bipolar or some other nonsense). Not a bad deal if you can get it.
“FERS pension is calculated at 1% PER YEAR.”
Not for members of CONgress and CONgressional staffers. Unless they’ve changed it, their “FERS” pension is calculated at 1.8% per year. You see, they put themselves in the same category as law enforcement and fire fighters. Surprised?
The delimiting terms - years of service, latest salary before retirement and age at retirement are common delimiters in many government and private pension plans. Yes a “lifeer” Congress critter is going to do very well (one the bennies of keeping a Congressional seat a long time).
It takes a lot of assets to get a retirement you can actually live on comfortably. Being self employed for 40 plus years I managed to retire in 2 months on $120K a year and still have 3 paid for houses and ZERO debt for many many years. ZERO debt is the answer to being able to retire.
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