A myth that has been going around for many years is a member of Congress will receive full pay and benefits for the rest of their lives after serving a single term. You will be glad to know it is in fact a myth.
Members of Congress receive the same contributory retirement plan as every other federal worker. The myth sprung up because members of Congress were spending 30, 40, or even 50 years in Congress. By the time they left, they were well past retirement age and had been contributing to the retirement plan for 30 or 40 years.
So, of course they were immediately eligible to start receiving payments and the payments were impressive.
Once there is a Term Limits Amendment for the US Congress added to the Constitution, they will only be in Congress for a much shorter time, so many won't be old enough to start collecting when they leave and even when they are old enough, there will be much less in their contributory plan to draw from.
While I'm talking about the pay for life myth, let me throw in one more thought.
Some will say there should be either no pay for Congressional Service or no retirement plan option. Before you jump on that bandwagon, keep in mind reducing pay or benefits would close the door to normal folks like or me from running... At that point ONLY those already rich would be able to serve in Congress.
Bob
"The bane of a politician is a knowledgeable voter."
Members of Congress receive the same contributory retirement plan as every other federal worker. The myth sprung up because members of Congress were spending 30, 40, or even 50 years in Congress. By the time they left, they were well past retirement age and had been contributing to the retirement plan for 30 or 40 years.
So, of course they were immediately eligible to start receiving payments and the payments were impressive.
Once there is a Term Limits Amendment for the US Congress added to the Constitution, they will only be in Congress for a much shorter time, so many won't be old enough to start collecting when they leave and even when they are old enough, there will be much less in their contributory plan to draw from.
While I'm talking about the pay for life myth, let me throw in one more thought.
Some will say there should be either no pay for Congressional Service or no retirement plan option. Before you jump on that bandwagon, keep in mind reducing pay or benefits would close the door to normal folks like or me from running... At that point ONLY those already rich would be able to serve in Congress.
Bob
"The bane of a politician is a knowledgeable voter."
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