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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Amy J who wrote (209913)	11/1/2004 6:47:33 PM
From: brushwud	Respond to of 1574863

I'll give you a hint to the link about the $100,000/year pension: dev.siliconinvestor.com Try to learn to get past your style of shooting the messenger. Your link has an "editor's commentary" which claims "...our legislators don't even pay the Social Security tax they impose on the rest of us. Ron Paul's pension is valued at approximately $100,000 a year." But according to this usgovinfo.about.com "As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes. "Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Member's of Congress have to serve at least 5 years to even receive a pension. "The amount of a Congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary. "Data compiled in 20034 showed 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service. The average age of those retiring under CSRS was 75.5 and had at least 20 years of federal service. Those who retired under FERS had an average age of 68.3 years and 21.6 years of federal service. Their average retirement payment was $3,909 a month." The information you relied upon is false or distorted. Members of Congress do pay into SS and retired members generally don't get $100K pensions.