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Originally Posted by CaptainHaplo
Overall, a congressional pension is more generous "by a factor of four" than the average private sector plan, concludes Dallas Salisbury, president of the Employee Benefit Research Institute. The NTUF estimates a lawmaker's pension adds another $60,000 a year in value to his or her salary.
Source: http://www.fa-ir.org/alabama/corrupt...20Benefits.htm
Now you see why its called a "golden parachute"? |
I don't know where these numbers are coming from. But here are the numbers from the CRS
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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.
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I think you will find that these numbers are not all that different from industry.
And as for what Sailor Steve wrote, no you can't just get elected for two years and retire.
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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.
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Now I am not arguing that congress has a good deal, but it is not a inflated as some make it out to be.
Source:
http://usgovinfo.about.com/od/uscong...ongresspay.htm