Congressional Benefits Myth
First, I do pay into Social Security, like all other
Americans. Social Security taxes are taken out of my paychecks, just as
they are taken out of yours.
In addition to Social Security, I also participate in
the Federal Employees Retirement System (FERS), which applies to all
federal employees. I pay into this retirement plan just as many other
employees pay into their company=s
plan. Under FERS, an employee must participate in FERS for a minimum of 5
years to be Avested@
for pension plans. Members are eligible for full pension at age 62 or
older with at least 5 years of service; age 50 or older with at least 20
years of service, and at any age with at least 25 years of service.
Contrary to the contents of the email, I will not
continue to draw the same pay when I retire. For Members of Congress who
meet the age requirements, starting annuities range from about 8.5% of
final annual pay after 5 years of service to 34% after 20 years, plus 1.0%
for each year of service beyond the 20. According to the Congressional
Research Service, Members of Congress retiring under FERS had an average
age of 69.0 years with 21.8 years of federal service. Their average annual
retirement annuity was $48,228 in 1997. Thus, as you can see, the
benefits received by Members of Congress are greatly exaggerated in the
email you received.
Send Congressman Bart
Stupak a Message |
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