General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsI just learned something about Congress, thanks to AOC.
Last edited Fri Jan 4, 2019, 03:24 PM - Edit history (1)
I had NO IDEA those guys got full salary for life when they leave congress, EVEN AFTER ONLY ONE TERM!!!
Plus whatever else they get...
ON EDIT #############
Humm.. Everybody hang loose. I certainly do NOT want to put words in AOC's mouth, that's for sure. I will try to find the article where I saw this. Haven't found it yet...
Dumb of me NOT to link to it, which I almost always do...
roody
(10,849 posts)mercuryblues
(14,491 posts)The claim means that rank-and-file members of the House of Representatives would receive full pay of $174,000 per year, for the rest of their lives, after serving as little as two years.
Nice work if you can get it. But members of Congress can't.
A report on "Retirement Benefits for Members of Congress," prepared in November by the nonpartisan Congressional Research Service, outlines how pension benefits are calculated.
The key provision: no member of Congress is eligible for any pension unless he or she has served in Congress for at least five years. (Senators serve six-year terms; House members must seek reelection every two years.)
To collect, a congressman or senator must be age 62, or be at least age 50 with 20 years of service, or be any age with 25 years of service.
elleng
(130,126 posts)*Congressional pensions, like those of other federal employees, are financed through a
combination of employee and employer contributions. All Members pay Social Security payroll
taxes equal to 6.2% of the Social Security taxable wage base ($128,400 in 2018). Members first
covered by FERS prior to 2013 also pay 1.3% of full salary to the Civil Service Retirement and
Disability Fund (CSRDF). Members of Congress first covered by FERS in 2013 contribute 3.1%
of pay to the CSRDF. Members of Congress first covered by FERS after 2013 contribute 4.4% of
pay to the CSRDF. Members covered by CSRS Offset pay 1.8% of the first $128,400 of salary in
2018, and 8.0% of salary above this amount, into the CSRDF.
Under both CSRS and FERS, Members of Congress are eligible for a pension at the age of 62 if
they have completed at least five years of service. Members are eligible for a pension at age 50 if
they have completed 20 years of service, or at any age after completing 25 years of service. The
amount of the pension depends on years of service and the average of the highest three years of
salary. By law, the starting amount of a Members retirement annuity may not exceed 80% of his
or her final salary.
There were 611 retired Members of Congress receiving federal pensions based fully or in part on
their congressional service as of October 1, 2016. Of this number, 335 had retired under CSRS
and were receiving an average annual pension of $74,028. A total of 276 Members had retired
with service under FERS and were receiving an average annual pension of $41,076 in 2016.
underpants
(182,271 posts)n 2016, Congressional pay was $174,000 per year, which, at an 80% rate, equates to a lifelong pension benefit of $139,200. All benefits are taxpayer-funded. Additionally, members of Congress enjoy the same Thrift Savings Plan (TSP) as all other federal employees, which is similar to a 401(k).
Quemado
(1,262 posts)Eliot Rosewater
(31,097 posts)redstatebluegirl
(12,264 posts)Yonnie3
(17,376 posts)A: No. Only senators are eligible for a pension after one term, but it wont be their full salary.
https://www.factcheck.org/2015/01/congressional-pensions-update/
EffieBlack
(14,249 posts)Me.
(35,454 posts)1.A base annual salary of $174,000
2. Free airport parking
3. A free, on-site gym for House members
4. Weakened insider trading restrictions
5. Up to 239 days off
6. Congress receives health-care subsidies under Obamacare
7. A better retirement plan
8. Members of Congress fly free
9. Death benefits
10. A $1.2 million to $3.3 million allowance
https://www.fool.com/investing/general/2013/10/20/10-perks-congress-has-that-you-dont.aspx
Scruffy1
(3,239 posts)The only difference in federal pensions between Congress and the rest of federal employees is that they are vested after 2 years rather than 5 like other federal emplyees. The pension is 1% of your high five years average so a memeber of Congress would get about 2% after the age of 62 or 55 if you have thirty years service under the rule of 85's. This is funded out of payroll deductions.