Many members who recently left Congress will draw more than $1 million over their lifetimes. Some could haul in more than $2 million. Not only is it virtually impossible for members of Congress to lose their pensions -- no matter what criminal activity they may get caught at -- but their pensions can grow over time because of generous cost-of-living adjustments, something that almost never happens for the rest of us.
Members of Congress are covered by two pension plans. Those elected before 1984 are in the Civil Service Retirement System; those elected in 1984 and after are in the Federal Employees' Retirement System. It takes five years of service for representatives, senators or their staffs to become vested in the congressional pension system.
Members of Congress and their staff can retire with a full, guaranteed pension at age 50 after 25 years of service. Most American workers must wait until age 65. A retiring member of Congress with 25 years in office would start out collecting roughly $90,000 in their first year.
And that doesn’t include the federal Thrift Savings Plan (TSP), a defined-contribution plan much like a 401(k) account. Legislators can contribute up to 5 percent of their salaries to a TSP -- and taxpayers match it nearly dollar for dollar. Members of Congress only started paying Social Security taxes in 1984, but they also get to collect Social Security benefits.
http://www.dissidentvoice.org/Feb06/Allen02.htm