US Exodous?

Submitted by ub on Thu, 01/11/2018 - 12:34

Why are so many US Senators and members of Congress retiring at such an alarming rate? Is it for the benefits, or because of our so-called leadership, or lack thereof? There are literally dozens who have announced their retirement, folks. What's going on here?

"Retiring" members of Congress are eligible for a pension starting at age 62 if they've served at least five years, at age 50 if they've served 20 years, or at any age, after they've served 25 years. The amount of the pension depends on salary and years in office.

A report on "Retirement Benefits for Members of Congress," prepared by the nonpartisan Congressional Research Service, outlines how pension benefits are calculated.

The key provision: no member of Congress is eligible for any pension unless he or she has served in Congress for at least five years. Senators serve six-year terms; House members must seek reelection every two years.

To collect, a member of Congress or a US Senator must be age 62, or be at least age 50 with 20 years of service, or be any age with 25 years of service.

Size does matter, so do the math. Under the most recent 1984 pension program, the amount of a pension is based on the highest three years of a member's salary, the number of years of service and a multiplier, which is 1.7 percent for the first 20 years of service and 1.0 percent for subsequent years.

US law prevents Congressional office holders from getting full-pay retirement when they leave office. By law, the starting amount of a member's retirement annuity may not exceed 80 percent of his or her final salary.
Therefore, it would take 67 years of service to hit that limit.

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