What kind of a pension plan do Congressional members have?
81862
Congressional Pensions \n\n \nCongress is sometimes considered suspect when it takes time to establish its own wages and pensions. \n\nHowever, pensions for Representatives and Senators have never reached quite the sums suggested in some accounts. In fact, pensions for elected officials who retire after 1997 were reduced by almost half in 1994. \n\nDuring the 1990s, Congress dramatically lowered the pension for former elected officials. Before these reforms were established, the average pension was about $75,000 per year, with an average contribution to that fund of about $100,000. Currently, that number is approximately $15,000 per year for officials who retire after 1998, with an average contribution of about $23,000. \n\nContrary to rumors, members of Congress pay an equal amount of taxes to Social Security that everyone else does. The only tax break offered is a $3,000 deduction for housing expenses incurred while staying in Washington, DC. \n\n\n Congress' cushy pension system\n\n--------------------------------------------------------------------------------\nPosted: July 11, 2001\n1:00 a.m. Eastern\n\n\n© 2001 WorldNetDaily.com \n\n\nWASHINGTON – Unlike most American workers, who lost big money in their 401(k) retirement accounts last year, members of Congress can't lose in their gold-plated retirement plans. \n\nCongress' bloated pensions are by far the single biggest perk offered lawmakers, a huge incentive for incumbents to cling to office and spend more of your money. \n\nCushy doesn't begin to describe their retirement plans. They are more like small lotteries. \n\nAs with private plans, politicians' retirement benefits rise with length of service. But congressional pensions provide double to triple the benefits offered by most private employers, studies show. \n\nIn fact, they are so generous that some former lawmakers' annual pensions are twice as high as their pre-retirement congressional salary. Among the major provisions: \n\n\nPayout is based on a special formula. Most companies base pensions on the average of an employee's five highest-paid years, plus 1.5 percent. But lawmakers get the average of their highest three years' pay – inflating the total by giving more weight to peak years – plus as much as 2.5 percent. \n\nCongressional pension payments rise each year under a cost-of-living adjustment, or COLA. Virtually no companies offer pensions that match a rise in the Consumer Price Index. \n\nBoth lawmakers and staffers can retire with a full, guaranteed pension at age 50 after 20 years of service, whereas most American workers must wait until they are 65. \nHold on for 20 years and you can retire with a full pension as early as age 50 and live the rest of your life in relative luxury – at taxpayers' expense. And that does not include your tax-deferred savings plan, which taxpayers match nearly dollar-for-dollar, or Social Security benefits (like all workers, members of Congress pay into the system on the first $80,400 of their gross income). \n\nMany members who have recently left Congress will draw more than $1 million over their lifetimes. Some are expected to haul in more than $2 million, projects the National Taxpayers Union. \n\nVoters may have put some old tax-and-spend bulls out to pasture in recent years. But that doesn't mean they stopped paying for their long and dubious service. \n\nTake former House Speaker Tom Foley, D-Wash. He's collecting $123,804 a year, plus COLAs, for his 32 years of government service. \n\nThen there's retired crook Dan Rostenkowski. After 36 years in the House, benefits for the former Ways and Means Committee chairman start at $96,462 a year, even though he was convicted of embezzling his office stamp allowance. (Only treason can strip federal lawmakers of their pension.) \n\nFor the roughly 85 percent of Americans working in the private sector, retirement won't be so golden. \n\nFewer than four out of 10 wor
669754
It's ususally just called "military retirement." \n\nYou can visit the US military's retirement web site for more information at http://www.dod.mil/militarypay/retirement/index.html\n\nAlso, you can refer to http://www.me.ngb.army.mil/Your%20Benefits/Handbook/Military%20Retirement.htm\n\nI think you have to serve a minimum of 15 years to qualify for military retirement benefits. This may differ by branch of service (Army, Navy, Air Force, Marines, Coast Guard, Reserves, National Guard).
739252
Congressmen are the representatives in the U.S. House of Representatives, whereas senators are the Representatives of the U.S. Senate.  Congressmen are elected once every two years.
650840
We've got a bunch of Good Ole' Boys up there scratching each others' backs, making a living off of us and turning it into a career. Need to enact term limits of no longer than two terms in both House and Senate. \n\nGet those 80-yr old geysers outa there. They've already earned their lifetime pension and benefits.\n\nGood people go to D.C. with good intentions, but they can't do anything by themselves. So in order to get their Bills passed, they have to help pass someone else's Bill that is established there and knows how the system works; the Good Ole' Boy System, that is. \n\nThe Good Ole' Boys are just biding their time, keeping their system going and blocking everything else. They work for themselves. \n\nAll incumbents -- OUT!
940713
None really. The USPS is an independent public corporation now. Most of the High Level admin jobs are appointed, like the Inspector General of the Postal Service. But Congress doesn't run it any more. They don't really have to fund it much anymore since it raises much of its own funds from stamps/postage.\nThey got rid of their postal committees years ago and any postal service bills get passed through various committees.
1028965
Are you referring to public employees?  \n\nThis is a piece of misinformation that has been circulating around since 2000.  \n\nIt was true prior to 1984 that Congressmen did not pay into the Social Security fund because they participated in a separate program for civil servants (the Civil Service Retirement System, or CSRS), but that program was closed to government employees hired after 1983.\n\nAn estimated 5 million local and state government employees have their own retirement plans, and currently are exempted from the Social Security payroll tax.
627493
They lobby congressmen to pass legislation favorable to their members. For example AAA supports issues affecting drivers like highway construction and maintenance. The AARP does issues that affect the elderly. They can also inform their members of how Congress votes on issues.
95129
i have no idea. this should be planned considering the projected costs and the level of standard you want to retire, perhaps a million
622880
We get both.\n\nAll workers pay into the social security system (and it is a big chunk out of my paycheck)\n\nWe also have the opportunity to take up to 10% out of our paycheck and put it in a pension program, called TSP (Thrift Savings Plan). The government will match it, up to a certain point.\n\nI am covered in both directions (much like having a 401(k) plan)
787860
Two years after the Democrats do away with the dividend and capital gains tax cuts.\n\nThe ironic thing is that many who vote Democrat are too dumb to realize that their pension-plans are in the stock market.\nAnd Democrats still hate the stock market.
268653
Start here, http://www.dol.gov/ebsa/\nAll employee retirement plans have to conform to certain federal guidelines.  They are overseen by the Department of Labor and the IRS.  You can also call 866-444-ebsa.\n\nGood luck!!
759267
1. Contact your US congressman for assistance.\n\n2. Apply to the Social Security office for survivor benefits.
650204
Which country are you living in, As the pension policies are different for different countries.
506201
It depends on the pension plan. Check with the Pension Benefit Guaranty Corporation; they do not deal with ALL pensions but they do deal with any pension that was insured.  They can help you with the options available for your particular pension. If the PBGC does not service your pension, then check with your company's Pension Benefits Administrator.
134146
INSURED THEM. Then, it is up to insurance companies.\nReshuffle the retirement plan. \nWhat the best is 'prevention is better than prevention'. Choose a healthy life style when u r still young.
789839
Because they're bastards.  The retirement package is not free to the employer, and often the employer would rather not pay it.  It sucks.
675509
Congress allocates where the money goes.