Members of Congress receive retirement and health benefits under the same plans available to other federal employees. They become vested after five years of full participation. Members elected since 1984 are covered by the Federal Employees' Retirement System (FERS). Those elected prior to 1984 were covered by the Civil Service Retirement System (CSRS). In 1984 all members were given the option of remaining with CSRS or switching to FERS. As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes. Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Members of Congress have to serve at least 5 years to even receive a pension. The amount of a congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary. According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006. ttp://usgovinfo.about.com/od/uscongress/a/congresspay.htm
Answer by Farmlady09 at 4:22 PM on May. 11, 2012
Answer by Dardenella at 3:19 PM on May. 11, 2012
Answer by Izsarejman at 3:31 PM on May. 11, 2012
That dispels the myth that one term equals full pension and benefits for life.
If they are paying into it then sure. Do they deserve it? Not really. Especially when they keep cutting benefits for others who pay into their retirements.
I agree with most of what you said. I'm curious about the last part I highlighted. What do you mean? I haven't heard anything about them cutting benefits for people.
As to the question, they are paying into their own retirement like other federal employees, they have to serve so many years to be vested (by the way ALL retirement/pension plans require 5 years, it used to be longer), I don't see why they should be any different from anyone else in a retirement/pension plan.
Answer by DSamuels at 4:26 PM on May. 11, 2012
Answer by Izsarejman at 5:21 PM on May. 11, 2012
Answer by Farmlady09 at 7:28 PM on May. 11, 2012
Answer by Michigan-Mom74 at 6:29 PM on May. 11, 2012
Answer by Dardenella at 7:09 PM on May. 11, 2012
Answer by Farmlady09 at 7:29 PM on May. 11, 2012
Answer by Sisteract at 7:45 PM on May. 11, 2012