Tuesday, March 18, 2008

Congressional Pensions - My Bad

The Arizona Republic has an article about Represenative Renzi being able to keep his pension even if he goes to prison. While the merits of whether or not he should keep his pension are debatable, I'd like to focus on the actual pension. You see, I'd always thought that legislators got their full salary for the rest of their lives. Turns out I was wrong. Way wrong.

According to the National Taxpayers Union, "Renzi, who has served five years in Congress, would be eligible for a $15,000 annual pension in 12 years" (quoted from the article). That's a far cry from his $169,300 annual salary for being a congressman. It appears that the federal pension program is like any other pension program, you have to put a lot in before you can get a lot out.

So I guess my dreams of winning an election and being set for life are pretty much gone ;)

I originally found this on The Espresso Pundit.

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