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I guess I'm in the minority here. No, Congressional pensions shouldn't be eliminated. Instead, we need to do something about the cost of getting elected to national office in this country. We end up with too damn many millionaires in Congress, and frankly they lose touch with the rest of us very quickly.
Quote:
Originally Posted by Roadking2003
Yes, they should have a 401k like almost every other company in the USA. That way they are responsible for their own retirement plan.
In part, they do ... the Thrift Savings Plan.
Anyone elected to Congress after 1984 contributes a portion of their salary to a three-tiered retirement system: reduced federal annuity, Social Security, and Thrift Savings.
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Originally Posted by Mac_Muz
6 figures, for life, all tax free, and estate tax free as well.
mad now?
And for one term or more......... I'ld like that. work 6 years maybe, and then set for life.
At the risk of throwing some facts into the face of fantasies:
Under both CSRS and FERS, Members of Congress are eligible for a pension at age 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.
As of October 1, 2006, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972.
Members of Congress pay Social Security payroll taxes along with the vast majority of American workers. Most federal lawmakers also participate in one of two federal retirement plans with the tab split between the congressmen and taxpayers. Congressmen are treated the same as other federal employees in that their annuity payments are subject to federal and sometimes state income taxes.
Yes and their government sponsored health care as well......at least for those congressional persons against a national health care system.
If by "government-sponsored" you mean "employer-based", yes, Members of Congress, just like all federal employees, can elect to participate in the Federal Employees Health Benefits Program. There are a number of different plans with different benefits, co-pays, deductibles, and premiums. And yes, just like all federal employees, Members of Congress pay a portion of the premiums, and their employer - the federal government - pays a portion.
That's today. As of January 1, 2014, Members of Congress and their staff will no longer be able to participate in FEHBP. Instead, the only plan(s) the federal government will make available to them are plans created under the Affordable Care Act.
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Originally Posted by ReturningWest
I also think there should be term limits, they get a 401K like the rest of us that THEY have to pay into, same with health care - their health care is the best bargin in the nation and they get it for life now on our nickle.
But I can't imagine them voting to get rid of their own pie in the sky...not gonna happen.
[1] They have something like a 401K (the Thrift Savings plan) and they pay into it, with some matching funds from the federal government.
[2] They have access the FEHB, and that does include some of the best health care insurance in the country. And they - like all federal employees - pay a portion of the premiums, and the federal government pays a portion. It can be "for life" if they continue to pay the premiums.
yes;but it will have to be done for new congressman for the same legal reason as employees of other contracts.The same of course applies to other political postions lie councilamen ;state legislatures.In the end it will not happen for alot of reasons.Congress will not do it and a constitutional amnedmants isn't at all likely;just as a instances.
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