"the Senate royalty voted themselves the goldenest of parachutes."
Senators get the same deal as their janitors, except they are vested after 5 years. Demint is vested, barely. He'll prolly get all the money Byrd and Kennedy contributed. They'll be righteously pissed. The janitors, however, will be giddy with joy when they learn their chutes are golden.
Along with earning salaries, senators receive retirement and health benefits that are identical to other federal employees, and are fully vested after five years of service. [33] Senators are covered by the Federal Employees Retirement System (FERS) or Civil Service Retirement System (CSRS). As it is for federal employees, congressional retirement is funded through taxes and the participants' contributions. Under FERS, senators contribute 1.3% of their salary into the FERS retirement plan and pay 6.2% of their salary in Social Security taxes. The amount of a senator's pension depends on the years of service and the average of the highest 3 years of their salary. The starting amount of a senator's retirement annuity may not exceed 80% of their final salary. In 2006, the average annual pension for retired senators and representatives under CSRS was $60,972, while those who retired under FERS, or in combination with CSRS, was $35,952. [33]
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