No, Congressmen do not get their full salary at retirement; they get the pension they paid into under the same retirement plan as other Federal employees, and at retirement age collect based on years of service. (They also pay into Social Security). The maximum someone could receive would be 80% of pay-- if he or she had 67 years of Federal service. The old Congressional Retirement Fund was phased out in 1984 legislation. The average retired Congressman under the present system gets around $3,000 a month at retirement age, plus Social Security, both taxable. People who serve fewer than 5 years are not vested in the plan, and receive nothing at all. Mitch McConnell will not be collecting $14,500 a month in retirement; he cant, not even if he stayed in office another 25 years.
Posted on: Fri, 04 Apr 2014 21:27:45 +0000
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