Can anyone help me find a website that explains the lifetime benefits of a U.S. senator?
I was told they work four years and get the same yearly salary and benefits for life. If this is true, I'd like help finding a website explaining this. If this is true, wow!, sign me up. Work four years and get paid forever doesn't sound half bad. Thanks in advance for all who take the effort to help me find resources.
Answers:
Selected Privileges and Courtesies Extended to Former Senators - http://72.14.253.104/search?q=cache:ahot...
Salaries and Benefits of US Congress Members (includes section on retirement) - http://usgovinfo.about.com/library/weekl...
from that article: "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 Member's of Congress have to serve at least 5 years to even receive a pension."
I am very interested in this as well. (glad you asked)
Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. They 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 member’s retirement annuity may not exceed 80 percent of his or her final salary. As of October 1, 2000, the average annual pension for members of Congress who have retired under CSRS is $52,464, and $46,932 for retirees under FERS-only or both FERS/CSRS.
It gets even worse...I'm watching for the answer to your question, too.
It has been suggested that if our legislators got benefits similar to ordinary people's they would have some incentive to listen-to and act-on our wishes. As long as we elect leaders who aren't 'in touch' with Joe Sixpack and his problems we will get irresponsible government. It's a *****.
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