| Is it true that . . . |
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.
Read a report that provides more detail on retirement benefits for members of Congress.
Now we know why Congress is not worried about Social Security, I wouldn't be either if I had this kind of pension to look forward to. I believe as long as you've lasted 5 years in congress you will get SOMETHING, I take it whether or not you've made some kind of impact or not while there. Just 5 years.....5 years and you're set for life.
Another thought is that we work all our lives to get Social Security when we retire. We should be able to get it without any stipulations outside of age. The money that we're getting is money we've worked; for most of us very hard to put in there, yet when we get it we're governed by all these rules and regulations. The one main rule that we can't make over a certain amount of money otherwise our money is taken away or decreased. I don't believe this is fair at all, especially if what you are getting is not that much in the first place. Getting 1,000.00 a month is not going to allow you to live as they say "high on the hog". So with that we try to supplement it with something else "work" and we're penalized for it. SOMETHING SHOULD BE DONE ABOUT THIS. For one thing the thought of retiring means not to work anymore.....is that a reality to those who were unfortunate to work the low paying jobs. No it's not, so in our retirement; a place in our lives when were should be able to sit back and relax, maybe travel the world......we HAVE TO work!
So Congress, at least if we have to supplement our income to live a decent life put into to law that it's okay. Don't take away our hard earned money just because we don't want to live in complete poverty, because we want to enjoy the nice things in life too. LET US GET OUR SOCIAL SECURITY WITHOUT STIPULATIONS OR INCOME ADJUSTMENTS. What we've put in all our lives we should be able to get it out, period!
Oh! one other thing......is the saying that Congress can get both FERS/CSRS????? Was it really set up that you can collect both of those retirement plans? The MAIN QUESTIONS is really.....IS THAT RIGHT OR FAIR THAT YOU'RE ABLE TO DO IT? I know you've had to put out a lot of money and gone through a lot to get to be in Congress, but do we have to pay for it forever? You already get the nice salaries, housing allowances, perks in traveling, dining and whatever else you do before and after retirement; by which the cost of it rides the backs of the working class. So for our own retirement can you not ride our backs for how we want to live our lives after our so-called retirement?!
Now we know why Congress is not worried about Social Security, I wouldn't be either if I had this kind of pension to look forward to. I believe as long as you've lasted 5 years in congress you will get SOMETHING, I take it whether or not you've made some kind of impact or not while there. Just 5 years.....5 years and you're set for life.
Another thought is that we work all our lives to get Social Security when we retire. We should be able to get it without any stipulations outside of age. The money that we're getting is money we've worked; for most of us very hard to put in there, yet when we get it we're governed by all these rules and regulations. The one main rule that we can't make over a certain amount of money otherwise our money is taken away or decreased. I don't believe this is fair at all, especially if what you are getting is not that much in the first place. Getting 1,000.00 a month is not going to allow you to live as they say "high on the hog". So with that we try to supplement it with something else "work" and we're penalized for it. SOMETHING SHOULD BE DONE ABOUT THIS. For one thing the thought of retiring means not to work anymore.....is that a reality to those who were unfortunate to work the low paying jobs. No it's not, so in our retirement; a place in our lives when were should be able to sit back and relax, maybe travel the world......we HAVE TO work!
So Congress, at least if we have to supplement our income to live a decent life put into to law that it's okay. Don't take away our hard earned money just because we don't want to live in complete poverty, because we want to enjoy the nice things in life too. LET US GET OUR SOCIAL SECURITY WITHOUT STIPULATIONS OR INCOME ADJUSTMENTS. What we've put in all our lives we should be able to get it out, period!
Oh! one other thing......is the saying that Congress can get both FERS/CSRS????? Was it really set up that you can collect both of those retirement plans? The MAIN QUESTIONS is really.....IS THAT RIGHT OR FAIR THAT YOU'RE ABLE TO DO IT? I know you've had to put out a lot of money and gone through a lot to get to be in Congress, but do we have to pay for it forever? You already get the nice salaries, housing allowances, perks in traveling, dining and whatever else you do before and after retirement; by which the cost of it rides the backs of the working class. So for our own retirement can you not ride our backs for how we want to live our lives after our so-called retirement?!
1 comment:
This was an interesting piece.
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