The House and Senate are completely separate monsters when it comes to legislating and working for the American people. Both, however, are uniquely common when it comes to the need and want for pay raises and pensions following retirement or ousting of office.
The basic salary is (as of 2009) $174K, rising to $193,400 for the majority and minority Leaders, and $223,500 for the Speaker. There is a Cost of Living Allowance that is automatic unless the House vote not to have it take effect that year. (note that various members have been known to refuse to accept the COLA in the year it is awarded.).
Though the House may vote to change the base salary, the changes do not take place until after the next general election (as per the 27th Amendment).
Although most Representatives are not vested in their pension or benefits until they serve 5 years (or 2.5 terms), on average most representatives serve more than 2 terms (2 year’s a piece in the House). This makes it almost certain that these representatives will gain a paycheck, from your pocket, for a good chunk of their lives.
As far as their benefits are concerned:
“Congressional pensions, like those of other federal employees, are financed through a combination of employee and employer contributions. All Members pay Social Security payroll taxes equal to 6.2% of the Social Security taxable wage base ($97,500 in 2007). Members covered by FERS also pay 1.3% of full salary to the Civil Service Retirement and Disability Fund. Members covered by CSRS Offset pay 1.8% of the first $97,500 of salary, and 8.0% of salary above this amount, into the Civil Service Retirement and Disability Fund.
Under both CSRS and FERS, Members of Congress are eligible for a pension at age 62 if they have completed at least five years of service. Members 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% of his or her final salary.”
A pretty sweet deal right?
Want a cut in the deficit? Money back in the pockets of Americans? Take away things like this pension from your elected officials. They will start listening to you. Only when you affect their pocket….can they realize they are supposed to be helping yours.
