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To: SeekAndFind
The author of this needs to check facts. They do NOT get a full pension after five years of service in the House.
(1) How Congress Retirement Pay Compares to the Overall Average Members of Congress are eligible for a pension dependent on the member's age at retirement, length of service, and salary. The pension value can be up to 80 percent of the member's final salary.

(2) Can members of Congress retire with full pay after just one term? To collect, a congressman or senator must be age 62, or be at least age 50 with 20 years of service, or be any age with 25 years of service.

Under the most recent pension program, adopted in 1984, the size of a pension is based on the highest three years of a member's salary, the number of years of service and a multiplier, which is 1.7 percent for the first 20 years of service and 1.0 percent for subsequent years.

Here’s an example, using a typical 25-year rank-and-file member who retired this year. The pension would be the sum of two calculations. First, multiply $172,443 [the average salary over the last three years] times 20 years times 0.017. Then, multiply $172,443 times 5 years times 0.01 and add that number to the first calculation. The total: about $67,250 per year.

A three-term congressman (or one-term senator) who has now reached retirement age would be eligible for an annual pension of $17,588 for six years of work. That's generous, but not close to full pay.

(3) Congressional pension (Wiki) When the FERS program went into effect, all Members elected in 1984 or later were automatically enrolled in the new plan. More senior Members were free to remain under the CSRS or enroll in the new FERS plan.

The FERS program takes into account the years served and the average pay for the top three years in terms of payment. For example, a member elected before 1984 and thus qualifying under the CSRS plan, who worked for 22 years and who had a top three-year average salary of $154,267 would be eligible for a pension payment of $84,847 per year. A member elected after 1984 would have been enrolled under the FERS plan, and their pension payment under similar conditions ($154,267 top three-year average salary, but with only 20 years of service, rather than the 22 in the CSRS example) would be $52,451.

The accrual rate for congressional service between 1984 to December 31, 2012 is covered by a FERS "special" computation that is similar to that for Federal employees such as First Responders, FBI Special Agents, and Air Traffic Control Officers. The accrual rate is 1.7% for the first 20 years and 1.0% for each year beyond the 20th. The basic retirement annuity under FERS is equal to the (Average High-3 Salary x .017 x Years of Service through 20 years)+(High-3 Salary x .01 x Years of Service over 20)= Annual Pension Members who began congressional service before 1984 and who elected to join FERS will receive credit under FERS from January 1, 1984, forward. Thus, at the close of the 108th Congress in December 2004, participants had a maximum of 21 years of service under FERS. Assuming that a Member retired at the end of 2004 with 20 years of congressional service under FERS, and a high-3 average salary of $154,267, the initial annual FERS pension in 2005 would be: [$154,267 x .017 x 20] = $52,451 There is no maximum pension under FERS. (It would take 66 years of service under FERS to reach the 80% maximum permissible under CSRS.)

Crap like this that is so factually incorrect gets people riled up for no reason. There are plenty of legitimate reasons to get riled up over those wastrel lazy bastards in Congress, but not this.
6 posted on 03/14/2019 11:53:01 AM PDT by ProtectOurFreedom
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To: ProtectOurFreedom

Thanks for posting this information! Very few people realize how the Congressional retirement program really works.


12 posted on 03/14/2019 1:43:26 PM PDT by Techster
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