- Thread starter Woodson Bible & Guns
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Creeper
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I went to college across the river in Hoboken. We took the path to the city all the time. I remember 42nd street very well. There was an arcade on Broadway about a block for 42nd street. Spent many quarters in that dump.
touchdown
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Congress Gives Itself a Raise with Last-Minute, 1,547-Page Spending Deal
The continuing resolution unveiled just three days before a potential shutdown strips a provision to block automatic raises for Congress.
www.breitbart.com
Creeper
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I read something recently where someone was defending the raise claiming congress members do not make that much money compared to middle level managers in private sector companies. To accept the argument at all you would have to believe that 435 congress people are equal or or more important than middle level managers in the private sector.Congress Gives Itself a Raise with Last-Minute, 1,547-Page Spending Deal
The continuing resolution unveiled just three days before a potential shutdown strips a provision to block automatic raises for Congress.
But the argument left out two very critical details. First, private sector employees work every week, 52 weeks per year. Sure, they get paid vacation - two weeks. But they do not get off for lengthy recesses. Congress is in session about 138 days per year. For the time they have to put in, they get paid quite a bit. I also think the more they work, the worse it is for the country, but that's another matter.
More importantly, congress members have a great pension plan that vests in only 5 years. They can collect their pension at age 62, or age 50 if they serve 20 years, and at any age if they serve 25 years. The pension payments can be up to 80% of the highest salary they are paid. No private sector company would have this kind of a plan for its employees. Most private sector companies, by a large majority, ended pension plans in favor of 401k retirement plans. 401ks are investment based which means they will grow of shrink depending on how well congress does its job. Congress would not subject itself to this risk.
yimyammer
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I heard someone say that after something like 5 years, they get a percentage of their salary for life. Im hoping thats an urban myth, does anyone know?
yimyammer
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Creeper
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Yes, their pension benefits vest in 5 years. They get something like 1.7% of their highest salary for each year in office. After 20 years they can collect their pensions at age 50. After 25 years they can collect at any age.
A congress person who serves 3 terms or 6 years is entitled to a pension payment of $17,748 per year starting at age 62. It's a lot more complicated but I believe they can get up to 80% of their highest salary max. If they serve on committees they get more money and that is also included in the pension calculations. I read somewhere that Pelosi is due a pension of over $220k if and when she retires. That is on top of all the money she made trading on inside information.