Congressional pension

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Congressional pension is a pension made available to members of the United States Congress. Members who participated in the congressional pension system are vested after five (5) years of service. A full pension is available to Members 62 years of age with 5 years of service; 50 years or older with 20 years of service; or 25 years of service at any age. A reduced pension is available depending upon which of several different age/service options is chosen. If Members leave Congress before reaching retirement age, they may leave their contributions behind and receive a deferred pension later.^[1]

1 Pension amount
2 Average annuity
3 Controversy
4 Federal pension forfeiture act
5 References
6 See also

[edit] Pension amount

The pension amount is determined by a formula that takes into account the years served and the average pay for the top three years in terms of payment. In 2002, the average pension payment ranged from $41,000 to $55,000. For example, a Congressman who worked for 22 years and had a top three-year average salary of $153,900 would be eligible for a pension payment of $84,645 per year.^[2]

[edit] Average annuity

The average annuity for retired Members, as of 1998, was either $50,616 [for those that retired under CSRS] or $46,908 [for Members who retired under FERS]. Nevertheless, these averages don't take into account any additional funds these Members also may have accrued through investments in the Thrift Savings Plan.

[edit] Controversy

In 2003, after James Traficant was expelled from Congress, several Congressmen tried passing a bill that would prevent expelled members from receiving their pensions. The bill (proposed law) was stalled and eventually dropped after being sent to the House Administration and Reforms committee for review.^[3]

[edit] Federal pension forfeiture act

Unofficially known as the 'Duke Cunningham Act', the Federal Pension Forfeiture Act is a piece of legislation introduced by Senators John Kerry (D-MA) and Ken Salazar (D-CO) that would cause a Congressman to lose his pension due to:

Bribery of public officials or witnesses
Conspiracy to commit offense or to defraud the United States
Perjury while denying the commission of bribery or conspiracy
Subordination of perjury committed in connection with false denial or false testimony of another individual^[4]

[edit] References

^ Capitol Questions. C-Span (28 September 2000). Retrieved on 2007-03-20.
^ Congress has a Pension Plan. CNNMoney (January 20, 2006). Retrieved on 2007-03-09.
^ 'Duke' Keeps his Pension. The Hill (November 30, 2005). Retrieved on 2007-03-09.
^ Salazar, Kerry Move to Deny Pensions to Lawbreaking Lawmakers. U.S. Senator Ken Salazar (February 9, 2006). Retrieved on 2007-03-09.

This category is for the institutions and powers of state or local governments in the United States and their officers. Whenever possible, appropriate subcategories should be used.