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Our congressional lawmakers are living like kings and queens… well, almost.
They have the best retirement that they could vote in for themselves as well as the best health insurance. Thanks to the Civil Service Retirement System and Federal Employees’ Retirement System Act of 1986 many of them can retire with almost 2/3 of their salaries and life-time health insurance.
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 congress person’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.
If I am elected, one of the first bills that I will introduce will be one that makes Congress live like the rest of us - no more special health or retirement plans that only “Congress” can have. Congress should be forced to save into a 401-k plans like the rest of us. They should have to purchase their own Health Care Insurance. [Stan Cooke]
One person said - “If socialized medicine is good enough to force on American taxpayers, it’s good enough for Congress” I guess we will see!
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