Reply #9: They don't have to keep their money at all. Their pension plan is amazingly good... [View All]

[SergeyDovlatov]

Of course, 'cause we the people are paying it through out taxes

Pension is about $140,000 now. Not much, but you can manage on that. ;-)

http://usgovinfo.about.com/library/weekly/aa031200a.htm

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.

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An interesting trivia bit is that Ron Paul is the only congressman who opted out of the congressional pension plan. According to him:

"Members of Congress are elected by the people to handle the affairs of this nation in a responsible, efficient manner, not to enrich themselves for a lifetime," he said. "To participate in a pension plan at taxpayers expense would for me be hypocritical and immoral. I hope everyone in the 105th Congress will do as I have done: reject the pension and prepare for retirement without burdening the taxpayers for decades to come. To do any less is to perpetuate what is at it's most basic level an arrogant insult to the people we were elected to represent."