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

To: gronieel2 who wrote (933197)	5/4/2016 4:00:04 PM
From: J_F_Shepard	1 Recommendation Recommended By gronieel2 Respond to of 1572946

This is the way it was in 2007, I don't think much has changed except a little bit more in salaries..... Here's one link.....http://www.factcheck.org/2015/01/congressional-pensions-update/ The current salary for rank-and-file members of the House and Senate is $165,200 per year. Majority and Minority Leaders of the House and Senate all receive a higher salary than rank-and-file members and are paid $183,500. The Speaker of the House, however, is paid $212,100. Since 1984 all members of Congress contribute 1.3 percent of their salary into a 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, 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 2003 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 the old pre-1984 Civil Service plan was 75.5 and had at least 20 years of federal service. Those who retired under the post 1984 Federal Employees plan had an average age of 68.3 years and 21.6 years of federal service. Their average retirement payment was $3,909 a month, i.e. about $47,000 a year.