To collect a pension, 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% for the first 20 years of service and 1.0% 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) x 20 years x 0.017. Then, multiply $172,443 x 5 years x 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.
Federal law prevents members of Congress from getting full-pay retirement when they leave office. The report says, "By law, the starting amount of a member's retirement annuity may not exceed 80% of his or her final salary."
Under the formula, it would take 67 years of service to hit that limit.
So the email saying that members of Congress can "receive full pay retirement after serving one term" is blatantly bogus. It's never full pay and the only one-term members who would be eligible for any pension would be Senators.
Check out the source
http://www.senate.gov/reference/common/faq/retirement_for_members.shtml
http://www.factcheck.org/2007/12/congressional-pensions/
Replies
Keith
The figures that are given above are based on the EMPLOYEES OF THE FEDERAL GOVERNMENT. A person elected to office is NOT a employee. The elected people have their own Finance Section and their own Personnel Section and most of their own staff come under these same rules. Elected people are NOT subject to the Federal Government Employment Laws, Rules, or Regulations. (Think... Every year THEY VOTE THEIR OWN PAY RAISE) This applies to all ELECTED and APPOINTED positions...... GET IT STRAIGHT.... THESE PEOPLE NEVER EVER FILL OUT A EMPLOYMENT APPLICATION NOR DO THEY WORK FOR THE GOVERNMENT!!!!!!!!! The elected people have their own retirement plans and it don't have anything to do with that low life sweeping the floor or taking out the garbage who does work under the plan as stated above.
http://en.wikipedia.org/wiki/Congressional_pension
Keith
I will only repeat the truth...... THEY ARE NOT FEDERAL EMPLOYEES NOR OR THEY CIVIL SERVICE. These people are elected to office not hired by the Government...... REPEAT NOT HIRED BY THE GOVERNMENT!!!!!!!!! I don't give a damn what that lying ass wikipedia says...... Read the article and it keeps saying "EMPLOYEES"..... Truth were ever to be known about the "Elected" pay, this Nation would revolt.
The two following websites contradict your assertions. If you have any evidence to support your position, please share it with me. Until you do I will assume that these websites are correct. The agree with the assertions from on the Wikipedia website
http://www.senate.gov/reference/common/faq/retirement_for_members.s...
http://www.factcheck.org/2007/12/congressional-pensions/
You cannot tell me these Crony Congress people are not Insider trading their own legislation that is Lobbied for by the Crony Lobbyists that in turn lobby for the kind of tax system we have today for the Fascist billionaires that rule the international market system and are causing a defection of the dollar as worlds trade currency to rise up by the BRICS producers these billionaires have out sourced all of everyone in the western nations work away leaving we the people all dependent on our Crony Government for a handout , !!!!!!
I mean these Cronies even reversed the Legislation they passed to keep them from Insider trading for Crying Out Loud !!!!!!!!!!
50 Richest Members of Congress
http://media.cq.com/50richest/
The Only way to stop this Madness is with Economic Individual Freedom , and with this election year coming on fast we the people need to Insist that whoever is running needs to BE FOR A FLAT TAX SYSTEM , then we the people can regain our FREEDOM from this Tyranny !!!!!!
Get this going NOW and watch these CRONY Politicians SQUIRM !!!!!