I usually don't get involved in these discussions but thought you would be interested in the facts regarding numbers of Congress and Senators receiving retirement benefits.
"Congressional pensions, like those of other federal employees, are financed through a combination of employee and employer contributions. All Members pay Social Security payroll taxes equal to 6.2% of the Social Security taxable wage base ($106,800 in 2011). Members enrolled in FERS also pay 1.3% of full salary to the Civil Service Retirement and Disability Fund. In 2011, Members covered by CSRS Offset pay 1.8% of the first $106,800 of salary, and 8.0% of salary above this amount, into the Civil Service Retirement and Disability Fund.
Under both CSRS and FERS, Members of Congress are eligible for a pension at the age of 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, 2009, 455 retired Members of Congress were receiving federal pensions based
fully or in part on their congressional service. Of this number, 275 had retired under CSRS and were receiving an average annual pension of $69,012. A total of 180 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $40,140 in 2009."
Try this link to read just about everything you ever wanted to know about Federal Retirement. http://www.senate.gov/CRSReports/crs-publish.cfm?pid=%270E%2C*PLC8%22%40%20%20%0A One of the questions I am still researching is what is available to them in Medical Coverage? I know while in service they can use Walter Reed or any other Veteran Medical Facility while in DC working, and while home in their state any medical facility that is covered under their regular Medical Insurance policy as with Civil Servent. But the real question I still have yet to find is are they able to use any Military Facility when they retire. Most of us regular retired OT's are priority 8 or 9 which you are not going to see anyone unless you are able to wait in the waiting area for 6 months or so, i.e. thank God for TFL. Still researching.
Chuck
Thanks Captain very informative post. I sent an e-mail to all those concerned from my area opposing these cuts. My youngest is on active duty serving on the Reagan and unless the Navy want to provide living quarters to married pesonnel they probably ought to leave pay alone. My suggestion was to cut the Flag billets and senior enlisted billets and retire those filling said billets. I'm sure there are alot that could go and not be missed.
