It seems from inquires on this blog that the salary for life rumor is on the rise once again. Well, it’s still not true and never was. Here are the facts about Congressional pensions.
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 ($118,500 in 2015). 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. In 2014, Members covered by CSRS Offset pay 1.8% of the first $118,500 of salary, 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 Member’s retirement annuity may not exceed 80% of his or her final salary.
There were 601 retired Members of Congress receiving federal pensions based fully or in part on their congressional service as of October 1, 2014. Of this number, 351 had retired under CSRS and were receiving an average annual pension of $72,660. A total of 250 Members had retired with service under FERS and were receiving an average annual pension of $41,652 in 2014. Source: Congressional Research Service Report, June 2015
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I like what Mark Twain said, “If voting made any real difference they would not let us do it.”
I have been voting for over 40 years.
It does not matter if you vote for a Dummycrat or a Ripoffagain, you still get screwed.
No politician taking any office has ever made my life any better, That is each person’s job number one.
The sooner the average American realize this, the better off this country will become.
The politicians tell us they will fix the problems, but they do not, I think they have caused many of the problems we now have.
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You are so right and yet all too many Americans think somebody else will solve their problems of fulfill their dreams (while others pay for it). Ardent supporters of Sanders are the best illustration. I often call Sanders naive, but those who believe what he says are worse. Not that u can believe the others either, but Sanders appeals to people who seem to think their lives are controlled by others and others should somehow bail them out.
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The electorate keeps hitting its head against a wall and complains about severe headaches.
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So true
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I also mostly agree with the last part about not re-electing the bums. There is one problem though. Senate terms are 6 years so all of those people who mostly are rich to begin with, automatically get a pension after only a single term. The 5 years of service part needs to be revised upward.
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Good point
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Dick, your last comment is right on. If our citizens do not want to pay their pensions, then don’t elect them for decades. They decide run for office, to serve their country and not as a means to serve themselves. If we had term limits of 4 years 360 days … hmmm no pension!
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There shouldn’t be a chance that they can stay in this job for 20-25 years. They’re all old. We need young minds with new ideas in the senate and congress. They’re both in stagnation right now.
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