Congressional pension

From Wikipedia, the free encyclopedia

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]

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[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] 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 was stalled and eventually dropped after being sent to the House Administration and Reforms committee for review.[3]

Long time congressman Ron Paul has always refused to participate in the congressional pension system, labeling it "immoral".[4]

[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
  • Subornation of perjury committed in connection with false denial or false testimony of another individual[5]

[edit] References

  1. ^ Capitol Questions. C-Span (28 September 2000). Retrieved on 2007-03-20.
  2. ^ Congress has a Pension Plan. CNNMoney (January 20, 2006). Retrieved on 2007-03-09.
  3. ^ 'Duke' Keeps his Pension. The Hill (November 30, 2005). Retrieved on 2007-03-09.
  4. ^ Paul refuses to participate in "immoral" pension system (1997-01-30). Retrieved on 2007-05-24.
  5. ^ Salazar, Kerry Move to Deny Pensions to Lawbreaking Lawmakers. U.S. Senator Ken Salazar (February 9, 2006). Retrieved on 2007-03-09.