Originally Posted by
taxfree4
Prior to 1984, neither federal civil service employees nor Members of Congress paid Social
Security taxes, nor were they eligible for Social Security benefits. Members of Congress and
other federal employees were instead covered by a separate pension plan called the Civil Service
Retirement System (CSRS). The 1983 amendments to the Social Security Act (P.L. 98-21)
required federal employees first hired after 1983 to participate in Social Security. These
amendments also required all Members of Congress to participate in Social Security as of January
1, 1984, regardless of when they first entered Congress. Because CSRS was not designed to
coordinate with Social Security, Congress directed the development of a new retirement plan for
federal workers. The result was the Federal Employees’ Retirement System Act of 1986 (P.L. 99-
335).
Members of Congress first elected in 1984 or later are covered automatically under the Federal
Employees’ Retirement System (FERS). All Senators and those Representatives serving as
Members prior to September 30, 2003, may decline this coverage. Representatives entering office
on or after September 30, 2003, cannot elect to be excluded from such coverage. Members who
were already in Congress when Social Security coverage went into effect could either remain in
CSRS or change their coverage to FERS. Members are now covered under one of four different
retirement arrangements:
CSRS and Social Security;
The “CSRS Offset” plan, which includes both CSRS and Social Security, but
with CSRS contributions and benefits reduced by Social Security contributions
and benefits;
FERS; or
Social Security alone.
Congressional pensions, like those of other federal employees, are financed through a
combination of employee and employer contributions. All Members pay Social Security payroll
taxes equal to 6.2% of the Social Security taxable wage base ($118,500 in 2016 and $127,200 in
2017). Members first covered by FERS prior to 2013 also pay 1.3% of full salary to the Civil
Service Retirement and Disability Fund (CSRDF). Members of Congress first covered by FERS
in 2013 contribute 3.1% of pay to the CSRDF. Members of Congress first covered by FERS after
2013 contribute 4.4% of pay to the CSRDF. In 2014, Members covered by CSRS Offset pay 1.8%
of the first $118,500 of salary in 2016 ($127,200 in 2017), and 8.0% of salary above this amount,
into the CSRDF.
Under both CSRS and FERS, Members of Congress are eligible for a pension at the age of 62 if
they have completed at least five years of service. Members 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 Member’s retirement annuity may not exceed 80% of his
or her final salary.
There were 620 retired Members of Congress receiving federal pensions based fully or in part on
their congressional service as of October 1, 2015. Of this number, 344 had retired under CSRS
and were receiving an average annual pension of $74,136. A total of 276 Members had retired
Back to the pedophile rings in Congress, get the book "Transformation" by Cathy O'Brien and it'll give you a good idea what goes on in Washington and Bohemian Grove, the players will shock you.
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