gstock at nexcerpt.com
Tue Aug 7 09:33:54 PDT 2012
On 8/7/12 12:18 PM, Gregory Alan Bolcer wrote:
> Here's something that I might agree with the occupy movement about:
> end congressional pensions.
Make it so. I doubt even a few percent of taxpayers feel otherwise.
And yet... I'd bet most any money it will ~not~ happen.
"Members of Congress are eligible for a pension at age 62
if they have completed at least five years of service. They
are eligible for a pension at age 50 if they have completed
20 years of service, or at any age after completing 25 years
"According to the nonpartisan Congressional Research Service,
as of October 1, 2006, there were 290 former members of
Congress who had retired under the Civil Service Retirement
System, the old system which had drawn much criticism for
being too generous. They were receiving an average annual
pension of $60,972."
"The pensions of the 143 former members who retired under
the newer Federal Employees’ Retirement System (FERS)
average even less. Their pensions averaged $35,952,
according to the CRS."
Six years old -- but it still must total upwards of $25M per year.
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