GENEROUS CONGRESSIONAL PENSIONS
The average departing senior member of congress will receive a pension of
more than $1 million, according to a study by the National Taxpayers Union.
- Representatives and Senators earn $133,600 annually.
- For lawmakers elected before 1984, pensions are computed by multiplying the years of service by 2.5%, then multiplying that by the member's average salary for the last three years served.
- For those elected after 1984, the multiplier is 1.7% - but they are entitled to a 401(k)-style pension supplement.
Retiring Senator Sam Nunn (D-GA) leads the list with lifetime benefits of
$2.88 million.
Source: Laurie Kellman, "Veteran Congressmen Crafted Good Pensions,"
Washington Times, October 10, 1995.
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