Posted on 02/16/2007 1:52:54 PM PST by Dog
"Are you sure about the pension?"
No. My daughter sent it to me and I just took it for granted.
When are Members of Congress considered vested and eligible to receive a pension? And how much is that pension? Monticello, Arkansas - 9/28/00
Members who have participated in the congressional pension system are vested after 5 years of service. A full pension is available to Members 62 years of age with 5 years of service; 50 years or older with 20 years of service; or 25 years of service at any age. A reduced pension is available depending upon which of several different age/service options is chosen. If Members leave Congress before reaching retirement age, they may leave their contributions behind and receive a deferred pension later.
How much they receive depends on a complicated formula based on when they joined Congress, how old they are at the time of retirement, how many years of service they had at the time of retirement (including previous military or other federal service), their salary, and which pension option they chose when they enrolled. In any case, a Member's pension amount may not exceed 80% of his/her salary upon retirement.
Since January 1, 1984, all Members of Congress also participate in the Social Security system and are required to pay Social Security taxes.
Members who were elected after 1984 are automatically part of the FERS, or Federal Employees' Retirement System. Members elected before 1984 were in the CSRS, or Civil Service Retirement System. In 1984, those Members in CSRS had to choose to remain with CSRS, or switch to FERS. The Members elected before 1984 could further choose between full CSRS benefits, plus Social Security or CSRS benefits offset by Social Security.
A further variant in the amount of retirement benefits received is whether or not Members under either system choose to participate in the voluntary Thrift Savings Plan (TSP) open to all federal employees. Members under CSRS may contribute up to 5% of their salary and FERS Members 10% of their salary into this tax-deferred retirement investment fund. The differential favoring FERS Members is because pension benefits paid out under the old CSRS system are higher than those paid out under the current FERS system.
Both CSRS and FERS have differing formulas combining age and service factors which further affect how much a specific Member's pension will pay out. Therefore, the only solid averages concerning benefit payments are those that come from the just over 400 retired Members now actually drawing pensions.
The average annuity for retired Members, as of 1998, was either $50,616 [for those that retired under CSRS] or $46,908 [for Members that retired under FERS]. However, these averages don't take into account any additional funds these Members may have also accrued through investments in the Thrift Savings Plan described above.
Congressional pensions are funded the same way as those of other federal employees: through a combination of general tax provisions and contributions from the participants. Members of Congress in the FERS plan must pay 1.3% of their salary to FERS and 6.2% in Social Security taxes.
For more detailed information concerning pension benefits and age and service formulas under both CSRS and FERS, I recommend you obtain a copy of "Retirement Benefits for Members of Congress", a report by Patrick Purcell of the Congressional Research Service. [CRS Report RL30631, July 31, 2000]. CRS reports are free, but can only be obtained by requesting them through the office of a Member of Congress.
That Americans talk only and don't something about it is beyond disgusting -- it implicates everyone.
Every American citizen will have blood on their hands.
Hope to see you at the gathering of eagles March 17.
How did it get to this point?
Marx and Gramsci
Maybe this is plain silly but would it be possible to get the names and addresses of the newspapers, radio and TV stations (if there are any) and other venues of communications in Murtha's congressional district, and have a committee of Freepers draw up a list of particulars so that we can let the citizens there (a majority of whom voted for this clown) know what American patriots think of what they have done to this country by sending him back to Congress?
Yes, and we all enjoy your sense of humor. Thank you for sharing it with us! :o)
I'm great, thanks! I was so sleepy I was about to fall asleep at the computer last night, so I went to bed right after I posted to you. LOL! I didn't read your post until this morning.
murtha is a latter-day Vito Marcantonio.
I'm not really up on legislative procedures so perhaps one of you could give me a quick civics lesson.
Doesn't the House proposal to cut funding have to be squared with the Senates version, if there is one, and what if the Rep choose to filibuster? Will the Dims have the 60 votes necessary for cloture in order to force a vote?
Doesn't the President have veto authority over spending cuts as well as spending increases? If he vetoes the cuts how can the Dims manage 2/3 majority to over ride?
Me too!!
Educate what???? They are just part of the 2/3 Americans that are brain dead.
Sheep. People have been called sheep before, but not brain-dead.
IT'S ELEVEN O'CLOCK! ...Do YOU know what YOUR Senators are doing...??? The following senators voted against making English the official language of America : Akaka (D-HI) Bayh (D-IN) Biden (D-DE) Bingaman (D-NM) Boxer (D-CA) Cantwell (D-WA) Clinton (D-NY) Dayton (D-MN) Dodd (D-CT) Domenici (R-NM) Durbin (D-IL) Feingold (D-WI) Feinstein (D-CA) Harkin (D-IA) Inouye (D-HI) Jeffords (I-VT) Kennedy (D-MA) Kerry (D-MA) Kohl (D-WI) Lautenberg (D-NJ) Leahy (D-VT) Levin (D-MI) Lieberman (D-CT) Menendez (D-NJ) Mikulski (D-MD) Murray (D-WA) Obama (D-IL) Reed (D-RI) Reid (D-NV) Salazar (D-CO) Sarbanes (D-MD) Schumer (D-NY) Stabenow (D-MI) Wyden (D-OR) Now, the following are the senators who voted to give illegal aliens Social Security benefits. They are grouped by home state. If a state is not listed, there was no voting representative. Alaska : Stevens (R) Arizona : McCain (R) Arkansas : Lincoln (D) Pryor (D) California : Boxer (D) Feinstein (D) Colorado : Salazar (D) Connecticut : Dodd (D) Lieberman (D) Delaware : Biden (D) Carper (D) Florida : Martinez (R) Hawaii : Akaka (D) Inouye (D) Illinois : Durbin (D) Obama (D) Indiana : Bayh (D) Lugar (R) Iowa : Harkin (D) Kansas : Brownback (R) Louisiana : Landrieu (D) Maryland : Mikulski (D) Sarbanes (D) Massachusetts : Kennedy (D) Kerry (D) Montana : Baucus (D) Nebraska : Hagel (R) Nevada : Reid (D) New Jersey : Lautenberg (D) Menendez (D) New Mexico : Bingaman (D) New York : Clinton (D) Schumer (D) North Dakota : Dorgan (D) Ohio : DeWine (R) Voinovich(R) Oregon : Wyden (D) Pennsylvania : Specter (R) Rhode Island : Chafee (R) Reed (D) South Carolina : Graham (R) South Dakota : Johnson (D) Vermont : Jeffords (I) Leahy (D) Washington : Cantwell (D) Murray (D) West Virginia: Rockefeller (D), by Not Voting Wisconsin : Feingold (D) Kohl (D) SEND THIS TO ALL YOU KNOW. THE ENTIRE POPULATION OF THE UNITED STATES NEEDS TO KNOW THIS INFORMATION, UNLESS THEY DON'T MIND SHARING THEIR SOCIAL SECURITY WITH FOREIGN WORKERS WHO DIDN'T PAY IN A DIME. |
That blows your mind to read that!!
Thanks SB!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.