Friday, November 20, 2009

Your congressman's padded retirement plan

Commentary Staff Writer
November 19, 2009

After serving 18 years in Congress, former Rep. William Jefferson of Louisiana, a Democrat, will continue his service in a different federal institution -- prison. He was sentenced recently to serve 13 years for bribery.

But his fellow prisoners will have to forgive Jefferson if he grins and whistles as he stamps out license plates. That's because he is still eligible for a guaranteed $50,000 pension in his first year of retirement, which will increase each year thereafter with the cost of living.

Congressmen who serve for at least five years get a very generous defined benefit pension plan in retirement -- the kind that doesn't exist anymore in the private sector because it's impossible to fund. It's far more generous than that of even the longest-serving federal employees. FULL STORY AND PAY CHART

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