Posted on 09/10/2001 1:30:37 PM PDT by KC Burke
SACRAMENTO -- Rep. Gary Condit's career in public service entitles him to government pensions, but the earliest he could begin collecting anything would be two years from now when he turns 55.
For now, amid the turmoil of the Chandra Levy case, Condit's staff insists the congressman will not resign and will run for re-election next year.
Condit's latest financial disclosure statement lists no reportable assets. His only listed source of income is his congressional salary, which is $145,100 this year.
Condit's adult life has been all about government. In a political career stretching back nearly three decades, Condit's resulting pension portfolio is a mixed bag.
Soon after graduating from California State University, Stanislaus, Condit was elected to the Ceres City Council, where he served from 1972 until 1976.
Council members, though, were not eligible for the city pension plan administered by the Stanislaus County Employees Retirement Association.
In 1976, voters elected Condit to the Board of Supervisors. During his five years and 10 months on the board, Condit's annual salary ranged from $12,600 to $18,600. He also earned retirement credit.
No money from the county
But upon his election to the state Assembly in 1982, Condit canceled his membership in the retirement association and withdrew his contributions.
As a result, he will not draw a pension from the county, said Tom Watson, the retirement association's administrator. If he had stayed in the plan, Condit would have been eligible for a county pension when he turned 50.
Condit served in the Assembly until September 1989. With more than six years of service, and a final Assembly salary of $40,816, Condit's estimated legislative pension is about $12,250 annually. He will be eligible for payments beginning in 2008, when he turns 60.
After a special election, Condit came to Congress in September 1989. His oath of office coincided with his enrollment in the federal employee pension plan, officials said.
As of Sept. 20, Condit will have been a congressman for 12 years. The anniversary holds no special meaning for Condit's retirement credit, said Pete Sepp of the National Taxpayers Union, a nonprofit organization that tracks congressional salaries and benefits.
Members of Congress also can sign up for a 401(k) type plan, in which members can set aside a portion of their salary for retirement. It is not known if Condit participates in the plan because information about members' retirement benefits is unavailable to the public.
Congressional 401(k) generous
"Between the pension and the option of a very generous 401(k) match, it's a fairly comfortable deal," Sepp said. "It is more generous than (retirement benefits for) an employee in an executive branch making the same salary."
Except for members who have put in 20 years of service, full congressional pensions kick in at age 62. However, members with more than 10 years of service are eligible for reduced benefits at age 55.
Under that option, the member's annual pension would be reduced 5 percent for every year the retiree is under 62.
In addition, some members choose to take an additional 10 percent pension reduction in return for their spouses' continuing to receive pension checks after they die.
If Condit serves out his existing term, for 13-plus years of congressional service, and then begins taking his retirement income at age 62, his annual pension based on today's salary would be $31,000, according to a National Taxpayers Union estimate.
If Condit were to opt for reduced benefits so that he could begin receiving his pension when he turns 55 in April 2003, his pension the first year would be an estimated $20,000.
More time in Congress, at salaries presumably higher than today's $145,100, would yield a larger pension whenever Condit retired.
Half of $20,000 will buy a lot of motorcycle gasoline and little else.
It would appear that he is prepared to lose a legal suit, or to have an assets-forfeiture judgment made against him!
I wanted to post this to clear up a rumor that has circulated that as of September 20th ( his 12 year anniversary) he gets a six figure pension. It appears he vested about two years ago but his benefits due to length of service are still modest.
Book titles are beginning to come to mind.....
I was a Washington Sexual Addict G. Condit, as told to Dr. Ruth
Travel Guide to Biker Caves in Rural Virginia Mountains
You are not alone Edd. Our Founders thought so too.
That's why upstart parties and partyless candidates have no chance. Without a party and a record of having gone along to get along for a number of years, a candidate can't be trusted as approachable by monied interests.
...while ~GARY CONDIT~ avoided the House introduction of his own Bill with the Stanislaus County Grand Jury ~CONDIT~ Letter due in the Mail to JUDICIAL WATCH.
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