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Politics : PRESIDENT GEORGE W. BUSH
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From: Sedohr Nod9/23/2006 11:07:48 AM
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You have to love it when those public servants in congress are looking out for US.

These two plans are also offered to rank and file federal employees, EXCEPT that the Congressional plan's benefit is calculated on a more generous formula than that offered to most other government workers. The "accrual rate" is much higher, and lawmakers tend to be able to retire earlier with benefits than other federal workers (as early as age 50).

With service of 20-25 years, a Member of Congress could retire with up to 80 percent of his or her final salary replaced. Of course, the only cap on how fast their benefits rise is the rate of increase in CPI. For this reason, Congressional pensions can and frequently do exceed a Member's final salary, but only after a few years in retirement, when COLAs begin to kick in.

In the final analysis, Congressional pension benefits are 2-3 times more generous than what a similarly-salaried executive could expect to receive upon retiring from the private sector.

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