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Is it a good idea to eliminate the current Congressional pension plan?
There is a movement to eliminate the very lucrative pension plan that Congress receives. It would be replaced with a 401k type that they would have to contribute to themselves. This would have two important effects. It would make serving a life long career in Congress much less attractive and save a lot of taxpayer dollars.
There is no right or wrong answer, I am only seeking your opinion on the subject.
tonlac2- You misread the article. It says they receive a higher rate during their first 20 years and a reduced rate for the rest. They get a pension from day one. They contribute only 1.3% of their salary but that is before taxes so to them, it is nothing.
From the article:
"The current Congressional pension program is a defined-benefit retirement plan that gives U.S. Representatives and Senators 1.7 percent of their current $174,000 annual salary for every year they serve in Congress for up to 20 years, and an additional 1 percent for each year served after the 20 year mark. Members of Congress are required to pay 1.3 percent of their annual salary into the pension plan."
14 Answers
- 9 years agoFavorite Answer
Thank you for acknowledging a difference between truth and opinion.
My opinion is that they deserve no special compensation. 401k is good enough for me, it's good enough for them.
- 9 years ago
Members of Congress should get a very high salary, good expense accounts, a large staff, good health benefits, and an excellent pension program. They should also be executed if they accept as much as a stick of chewing gum from anybody outside their immediate family.
Source(s): Carrots and sticks. - tonalc2Lv 79 years ago
They already do contribute to their pension plan. They do not become vested until after five years, and they do not receive any pension unless they have served for 20 years. That's right, 20 years. And even then they can't get it until they're 50.
- SarahLv 79 years ago
Of course! Though I'd really like this to be coupled with cutting congressional salaries in half. I think $80,000 is more than enough money given all of the time off other perks.
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- 9 years ago
yes, it is an excellent idea and long overdue. and we should also eliminate the current congressional health plan. if congress had to live with publicly available health insurance and social security i believe they might come up with some usable solutions to both problems
- Anonymous9 years ago
Its called the Federal Employee pension plan, its for all Federal employees, not just Congress.
- Thomas RLv 59 years ago
Actually they should not be able to collect any retirement income, until they actually start working to fix the nation's issues, and quit fighting each other tooth and nail on everything.
- CptainamerLv 79 years ago
Absolutely along with their free Health Care. Additionally they should not be allowed to exempt themselves from any law or act that we are required to participate in...
- Jeff SLv 79 years ago
Actually it should be cut down to their Social Security! I bet they would fix SS quick!
- Anonymous9 years ago
Hell yeah! It was never supposed to be a full-time job. I'm not sure they should even get paid.
