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2010-02-04 Home Front: Politix

Sen. Kirk Must Step Down; Brown Election To Be Certified Thursday

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Posted by Fred 2010-02-04 00:00|| || Front Page|| [3 views ] Top

#1 Does Kirk get a Senator's lifetime pension and all the other perks now?

Posted by gorb 2010-02-04 02:54|| 2010-02-04 02:54|| Front Page Top

#2 Salary and benefits
The annual salary of each senator, as of 2009, is $174,000; the President pro tempore and party leaders receive $193,400. In June 2003, at least 40 of the then-senators were millionaires.

Along with earning salaries, senators receive retirement and health benefits that are identical to other federal employees, and are fully vested after five years of service. Senators are covered by the Federal Employees Retirement System (FERS) or Civil Service Retirement System (CSRS). As it is for federal employees, congressional retirement is funded through taxes and the participants' contributions. Under FERS, senators contribute 1.3% of their salary into the FERS retirement plan and pay 6.2% of their salary in Social Security taxes. The amount of a senator's pension depends on the years of service and the average of the highest 3 years of his or her salary. The starting amount of a senator's retirement annuity may not exceed 80% of his or her final salary.

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 members 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.

Posted by Omineper the Imposter8467 2010-02-04 06:38|| 2010-02-04 06:38|| Front Page Top

#3 Brown's election was just to finish Kennedy's last term, and he won't be re-elected, so he won't make the five years and won't qualify for pension benefits. All he'll get is the $174k plus whatever influence he can acquire.

Posted by Glenmore 2010-02-04 08:07|| 2010-02-04 08:07|| Front Page Top

#4 ....and retention of any campaign contributions. IIRC it's administratively converted to personal assets and subject to taxation, if not avoiding other loopholes well hidden by our civil 'servants'.

Posted by Procopius2k 2010-02-04 11:48|| 2010-02-04 11:48|| Front Page Top

#5 What makes you think he won't be reelected, Glenmore? I'd like to see what kinda job he does first.

Posted by tu3031 2010-02-04 15:49|| 2010-02-04 15:49|| Front Page Top

#6 tu, the stars were aligned and the Dems were complacent. While it's not IMPOSSIBLE for him to be re-elected, I find it highly unlikely, even if he does an outstanding job. Massachussetts is just too liberal for him to win against a halfway competently run campaign and an opponent who doesn't look like a centipede putting its feet in its mouth.

Posted by Glenmore 2010-02-04 15:59|| 2010-02-04 15:59|| Front Page Top

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