[Vision2020] Is someone lying?
Ron Force
rforce2003 at yahoo.com
Tue Oct 11 14:38:58 PDT 2011
Thanks, Wayne. You beat me to it. This little ditty has been running around the Tea Party blogs, and like most T.P. Info , it's B.S.
Info on federal pensions here:
http://www.ipl.org/div/farq/pensionFARQ.html
The retirement benefits received by former Presidents include a pension, Secret Service protection, and reimbursements for staff, travel, mail,
and office expenses. The Presidential pension is not a fixed amount,
rather it matches the current salary of Cabinet members (or Executive
Level I personnel), which is $191,300/year as of March, 2008 (but see
"Salary Info" section above for advice on how to track increases in this figure).
The following paragraph excerpted from the Congressional Research Service PDF document called Retirement Benefits for Members of Congress by Patrick J. Purcell [CRS Report RL30631] provides some idea of how
much the pensions are for former Vice Presidents, Cabinet members,
members of Congress and other federal officials. It provides averages
for annual pensions given to retired members of Congress.
http://www.senate.gov/reference/resources/pdf/RL30631.pdf
"As of October 1, 2006, 413 retired Members of Congress were receiving federal
pensions based fully or in part on their congressional service. Of this number, 290
had retired under CSRS and were receiving an average annual pension of $60,972.
A total of 123 Members had retired with service under both CSRS and FERS or with
service under FERS only. Their average annual pension was $35,952 in 2006."
Tom, congresspersons, since 1984, pay into social security, and have the same retirement benefits as other federal employees FERS (which they pay into):
http://www.answerbag.com/q_view/2586406?utm_source=popup&utm_medium=1
The Speaker does not continue to draw a larger salary after ceasing to be in the role.
Mdme. Pelosi, for example, took a cut in pay from $223,500 to $193,400
when she became demoted to Minority Leader, which is still greater than
the $174,000 for the rank and file.
When and how much of a pension members receive is not an easy
one-sentence thing. They can retire anytime after 25 years service,
after 50 with 20 years service, after 62 with at least 5 years service,
with pension stipend dependent on their 3 highest earning years not to
exceed 80% of final salary.
http://usgovinfo.about.com/od/uscongress/a/congresspay.htm
Read more: Is the Speaker of the House salary really $223,500 , for LIFE ? Why is it more than the senate and pres., for LIFE ? | Answerbag http://www.answerbag.com/q_view/2586406#ixzz1aVmVVwXy
Ron Force
Moscow Idaho USA
________________________________
From: Wayne Price <bear at moscow.com>
To: lfalen <lfalen at turbonet.com>
Cc: vision2020 at moscow.com
Sent: Tuesday, October 11, 2011 10:06 AM
Subject: [Vision2020] Is someone lying?
Is it true that . . . Members of Congress do not pay into Social Security and when they retire they receive a pension equal to their congressional salary for the rest of their life?
The answer is no. All members of Congress pay Social Security taxes in the same amounts as they would if they were employed in the private sector at the same salary level. The amount of a congressional pension varies and depends on years of service, age at the time of retirement, and salary.
The facts: The confusion about Social Security probably results from the fact that before 1984, Senators and Representatives did not participate in the Social Security program. Like all federal government employees at that time, members of Congress were covered by a pension plan, called the Civil Service Retirement System (CSRS), that did not require payment of Social Security taxes and did not provide Social Security benefits. In 1983, Congress passed a law (P.L. 98-21) that required all federal employees first hired after 1983 to participate in Social Security. The law also required all members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress. Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal employees, called the Federal Employees Retirement System (FERS), which does coordinate a federal pension
with Social Security.
Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. They are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. By law, the starting amount of a member’s retirement annuity may not exceed 80 percent of his or her final salary. As of October 1, 2000, the average annual pension for members of Congress who have retired under CSRS is $52,464, and $46,932 for retirees under FERS-only or both FERS/CSRS.
On Oct 11, 2011, at 9:47 AM, lfalen wrote:
>-----Original message-----
>
>From: "Tom and Claire" tandc at moscow.com
>Date: Mon, 10 Oct 2011 11:53:50 -0700
>To: "Anderson Kendrick" kenanderson5337 at gmail.com
>Subject: Fw: Fwd: Cut in Wages ??
>
>
>Subject: Cut in Wages ??
>
>
>Subject: FW: Ya Think?........... Wages
>
>
>
>
>
>
>
>
>You decide…
> Wages
>
> Salary of retired US Presidents ............$450,000 FOR LIFE
> Salary of House/Senate members .........$174,000 FOR LIFE
> Salary of Speaker of the House ............$223,500 FOR LIFE
> Salary of Majority/Minority Leaders ....$193,400 FOR LIFE
>
> Average salary of a soldier DEPLOYED IN AFGHANISTAN - $38,000
> Average income for seniors on SOCIAL SECURITY - $12,000
>
> I think we found where the cuts should be made!
>
>
>
>
>
>
>
>From: "Tom and Claire" <tandc at moscow.com>
>
>Date: October 10, 2011 11:53:50 AM PDT
>
>To: "Anderson Kendrick" <kenanderson5337 at gmail.com>
>
>Subject: Fw: Fwd: Cut in Wages ??
>
>
>
>
>Subject: Cut in Wages ??
>
>Subject: FW: Ya Think?........... Wages
>
>
>
>
>
>
>
>
>
>
>
>
>
>You decide…
>Wages
>>>>
>>>>Salary of retired US Presidents .............$450,000 FOR LIFE
>>>>Salary of House/Senate members ..........$174,000FOR LIFE
>>>>Salary of Speaker of the House .............$223,500 FOR LIFE
>>>>Salary of Majority/Minority Leaders .....$193,400FOR LIFE
>>>>
>>>>Average salary of a soldier DEPLOYED IN AFGHANISTAN - $38,000
>>>>Average income for seniors on SOCIAL SECURITY -$12,000
>>>>
>>>>I think we found where the cuts should be made!
>
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