Stupak to retire

[Timothy]

As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes.

Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Members of Congress have to serve at least 5 years to even receive a pension.

The amount of a congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.

According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006.

http://usgovinfo.about.com/od/uscongress/a/congresspay.htm

It's better than most of us but not what most people think.  According to the link, Stupak doesn't qualify.

[Solus]

It's better than most of us but not what most people think.  According to the link, Stupak doesn't qualify.

Ahhh...I see.   When I heard you get full pay after serving 1 term, it was probably a misinterpretation of the possibility of a Senator, under the right circumstances, getting the full retirement amount he is eligible for after only one term.


And thank you.  I am enjoying the news of these early retirements much more now.   Your information has bought a smile to my face.

 

[Timothy]

Ahhh...I see.   When I heard you get full pay after serving 1 term, it was probably a misinterpretation of the possibility of a Senator, under the right circumstances, getting the full retirement amount he is eligible for after only one term.

 

Yes, like a Senator who serves his six years and done after the age of 62.  

I have a good friend, my godson's father, who served six years in the Navy and is an FAA controller.  He makes damn good money and his military service goes toward his federal retirement.  He plans on retiring well before he's 55 and when all his pensions kick in, it will be well north of 70K annually.  Federal retirements are healthy for sure but the Congress works on the same system.

Now, their HEALTH plans are a bit of a problem since the have different options than those folks in the military or regular fed jobs.  Right now, I think that retired military use TRICARE but I don't know much about it.  I can touch base with my big brother if anyone's interested, he's retired (24 years) Navy.

[ericire12]

How has the pension amount nearly doubled since 2006

[Overload]

This is what we'd see more of if term limits are passed.  I like getting new blood into office, and I like Representatives whose voting isn't moderated by the need to get re-elected.

This was the plan from the beginning. The S***heads under Pelosi's control are falling on their swords no that they have "accomplished" this unobtainable feat. The Dems knew from the beginning this was a political death sentence and that's why so many of their party started announcing they wouldn't run even before the bill was put up to a vote. The damage is done and now they are going home to sit pretty all warm and fuzzy feeling about sending us down the river with a hole in the boat the size of Obama's ego. Who wants to bet Obama comes out and makes some excuse about all of them leaving because of the danger right wing radical gun owners pose to the safety of the families of these losers like Stupac.

[Sponsor]

[Rastus]

When a candidate does not run or loses his race how about putting those campaign funds to use by taking them away and using them to fund some government project...HA HA HA.

[Overload]

They don't get to keep campaign monies:

http://www.factcheck.org/askfactcheck/what_happens_to_a_candidates_leftover_campaign.html

[Timothy]

Thanks Overload, I was looking for that info.  I'd thought they'd change that law.

[blackwolfe]

His district is pretty conservative so this is a very real R pick up possibility.

Not so sure about that any more.  He has held it since 92.  Here is a map of Michigan districts and is District No. 1. 
http://www.michigan.gov/documents/Congress01-state-E_43697_7.pdf
One thing that might help is that Michigan residents are so pi$$ed off at our Canadian governor the GOP might win this one.  Not certain where Stupack stood for sure, but I THINK he was more pro gun than not.

[Rastus]

They don't get to keep campaign monies:

http://www.factcheck.org/askfactcheck/what_happens_to_a_candidates_leftover_campaign.html

That's for politicians who hold office.  Once they leave office it's a game changer they can close them out.