Each member receives a number of "fringe benefits," some which are quite substantial. for example, each member has a special tax deduction, not available to any other federal income tax payer. That deduction is designed to help members who must maintain two residences, one in his or her home state and another in Washington.
You may have read that Members of Congress do not pay into Social Security. Well, that's a myth. Prior to 1984, neither Members of Congress nor any other federal civil service employee paid Social Security taxes. Of course, the were also not eligible to receive 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 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 the 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. Members of Congress receive retirement and health benefits under the same plans available to other federal employees. They become vested after five years of full participation.
Members elected since 1984 are covered by the Federal Employees' Retirement System (FERS). Those elected prior to 1984 were covered by the Civil Service Retirement System (CSRS). In 1984 all members were given the option of remaining with CSRS or switching to FERS.
As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes. Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Member's of Congress have to serve at least 5 years to even receive a pension. The amount of a Congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary. According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. 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.
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House of representatives: 435 Senate: 100 Congress: 535
All of them. There are no poor members of Congress.
443 congress members
The members of congress and Lincoln after it passed through congress.
Unbelievably good health care and retirement plans, and special tax deductions,.
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Unbelievably good health care and retirement plans, and special tax deductions,.
A good healthcare, and retirement plans. If you serve one term, you get a pension for life. In addition to a regular wage.
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$174,000 per year. Plus benefits
Congress appropriates money to pay the salaries of members of the House and the Senate.
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The advantages of fringe benefits to the employer is that they can get away with paying you less and add in fringe benefits instead. The advantages to the employee is that they can add something special like a car, medical benefits, or vacation that make the job more desirable.
you get paid!
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Bert A. Balmer has written: 'Fringe benefits in Washington cities' -- subject(s): Employee fringe benefits