Salaries and Benefits of US Congress Members
http://usgovinfo.about.com/od/uscong...ongresspay.htm
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Salaries and Benefits of US Congress Members
http://usgovinfo.about.com/od/uscong...ongresspay.htm
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http://coble.house.gov/Issues/Issue/?IssueID=9872
Congressional Pay and Pension Plan
If you are familiar with my record, you will know that I have historically opposed pay increases and excessive benefits for members of Congress. I fight hard to ensure your tax dollars are spent wisely. As a fiscal conservative, I have repeatedly voted against pay raises for members of Congress. Since the 1989 reforms to ethics rules, the congressional pay rise has been automatic unless the House passes legislation prohibiting the increase.
Last year, Congress voted to deny a cost-of-living adjustment (COLA) for FY 2010. I will make the same salary in 2010 that I made in 2009. In addition, we are cosponsoring legislation that would require Congress to vote and approve a COLA each year, rather than receive one automatically.
In case you did not know, I have refused to participate in the congressional pension program. I have labeled it a taxpayer rip-off. It is a much bigger abuse of the taxpayers than is a pay raise. I do not think you owe me a retirement package just because I decided to go into public service. I also refused to participate in the legislative retirement plan when I served in the General Assembly in Raleigh. In addition, when I retire, I will not be eligible to remain on the congressional health plan because I have refused the congressional pension plan.
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Pension Plan Benefit Formulas
Pension Plan Benefit Formulas
Pension benefits under both CSRS and FERS are computed according to (1) the retiree’s average
annual salary for the three consecutive years of highest pay (known as “high-3” average salary);
(2) the number of years of service completed under the pension plan; and, (3) the “accrual rate” at
which benefits accumulate for each year of service. The pension is the product of these factors,
expressed as follows:
High-3
Salary
x Years of
Service
x Accrual
Rate
= Annual
Pension
Pension Benefits Under CSRS
The accrual rate for each year of congressional service covered by CSRS is 2.5%. Therefore, the
CSRS pension equals
High-3
Salary x Years of Service
x .025 = CSRS
Pension
For example, after 30 years of congressional service and a high-3 average salary of $172,433, the
initial annual CSRS pension for a Member who retires in December 2010 at the end of the 111th
Congress at age 60 or later would be13
$172,433 × 30 × .025 = $129,325
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