Rant for September 26, 2016

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This can apply to just about anything I’ve seen posted, but this just irks me.
I get tired of seeing this piece of fecal matter floating around, so I figured it was time to set the record straight.

First, current presidential salary while “in office” is $400,000 per year taxable with a $50,000 expense account that is non-taxable. This is set in law in 3 USC 102. The Presidential pension is currently $191,300 per year after leaving office.

Yearly salaries while “in office”:
Senators and Representatives (not in leadership) $174,000/year
Senate and House Party Leaders $193,400/year
Speaker of the House $223,500/year

Pensions for these and other high ranking Federal officials are again governed by law and generally can not exceed 80% of their final salary and are based upon years of service. Senators and Representatives pay into Social Security (since 1984) and their own pension plan. From the Senate website, “As of October 1, 2006, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service. 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.”

By law, the starting amount of a Member’s retirement annuity may not exceed 80% of his or her final salary.

As you can see, the only thing about this “infographic”, if you can call it that, that might be true are the last two items and I do know that my father’s Social Security exceeds the $12,000 figure. So whoever created this stupidity is off by at least a factor of about 2.5 on the President and roughly 3 to 5 on Congress.

These figures are readily available for anyone to find (took me about 10 minutes). I just wish that you who are “incensed” by this (mostly Republicans) would take the time to check out the things you post before you make the rest of us Republicans look like idiots because of your lack of research.

Also from the Senate website:
Retirement Under CSRS
Four retirement scenarios are possible for Members covered by CSRS or the CSRS Offset Plan:

Retirement with an immediate, full pension is available to Members age 60 or older with 10 years of service in Congress, or age 62 with five years of civilian federal service, including service in Congress.

Retirement with an immediate, reduced pension is available to Members aged 55 to 59 with at least 30 years of service. It is also allowed if the Member separates for a reason other than resignation or expulsion after having completed 25 years of service, or after reaching age 50 and with 20 years of service, or after having served in nine Congresses.

Retirement with a deferred, full pension is available if the Member leaves Congress before reaching the minimum age required to receive an immediate, unreduced pension and delays receipt until reaching the age at which full benefits are paid. A full pension can be taken at age 62 if the Member had five through nine years of federal service, or at age 60 if the Member had at least 10 years of service in Congress. At the time of separation, the Member must leave all contributions in the plan in order to be eligible for the deferred pension.

Retirement with a deferred, reduced pension is available to a Member at age 50 if he or she retired before that age and had at least 20 years of federal service, including at least 10 years as a Member of Congress.

Retirement Under FERS.
There are four possible retirement scenarios for Members who are covered by FERS:

Retirement with an immediate, full pension is available to Members at age 62 or older with at least five years of federal service; at age 50 or older with at least 20 years of service; and at any age to Members with at least 25 years of service.

Retirement with an immediate, reduced pension is available at age 55 to Members born before 1948 with at least 10 years of service. The minimum age will increase to 56 for Members born from 1953 through 1964 and to 57 for those born in 1970 or later.

Retirement with a deferred, full pension is available at age 62 to former Members of Congress with at least five years of federal service.

Retirement with a deferred, reduced pension is available at the minimum retirement age of 55 to 57 (depending on year of birth) to a former Member who has completed at least 10 years of federal service. The pension annuity will be permanently reduced if it begins before age 62.

Sources:

http://www.senate.gov/reference/resources/pdf/RL30631.pdf
http://www.ipl.org/div/farq/pensionFARQ.html
http://usgovinfo.about.com/od/uscongress/a/congresspay.htm

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