In article
<
91d75a27-797b-4b62...@l10g2000yqo.googlegroups.com>,
People have the wrong idea about "lifetime pensions" of members of
Congress. Elected officials in the Federal government are covered by
the same retirement program as GS-5 clerks in the Department of the
Interior: the Federal Employees Retirement System (FERS). FERS
replaced the earlier Civil Service Retirement System (CSRS), which was
primarily a "traditional" pension. You can easily look up the details
of FERS, but in summary its main parts are a much smaller pension
component than CSRS had, a 401(k) (the thrift Savings Plan: TSP [look
it up]), and (YES!!!) Social Security.
Members of Congress don't just get their salaries for life by virtue of
having served one day. They PAY INTO(!) FERS, and what they get out
after retirement is based on what they pay in.
I'm not sure where you got the $5 million figure (Federal government
benefits are pretty good, true, but salaries for higher-level government
employees are significantly less than in the private sector: a
Congressman's salary is peanuts compared to the "compensation package"
of a corporate CEO who may be running his company into the ground). I
just think that before people complain about the wonderful retirement
(and medical insurance; look up FEHB to see how that works) plans
members of Congress get, they ought to know the facts.