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Congressional pension is a pension made available to members of the United States Congress. As of 2019, members who participated in the congressional pension system are vested after five years of service. A pension is available to members 62 years of age with 5 years of service; 50 years or older with 20 years of service; or 25 years of service ...
From 1789 to 1815, members of Congress received only a per diem (daily payment) of $6 while in session. Members began receiving an annual salary in 1815, when they were paid $1,500 per year. [13] [14] As of 2006, rank and file members of Congress received a yearly salary of $165,200. [14] Congressional leaders are paid $183,500 per year.
Many members of Congress continue to advocate for a salary raise as a simple, but effective solution. Notably, Rep. Alexandria Ocasio-Cortez called for this reform in 2021, [ 5 ] and salary raises have been a part of Rep. Ro Khanna's plan for anti-corruption congressional reform.
The Constitution calls for members of Congress to set their own pay, and the current wages of $174,000 a year were established by an automatic 2.8 percent raise in January of 2009 as outlined in ...
All members of Congress are automatically enrolled in the Federal Employees Retirement System, a pension system also used for federal civil servants, except the formula for calculating Congress members' pension results in a 70% higher pension than other federal employees based on the first 20 years of service. [45]
In a move that could significantly impact the retirement income of millions of Americans, a bipartisan group of U.S. lawmakers is pushing to repeal a set of Social Security rules that reduce ...
This list of members of the United States Congress by wealth includes the fifty richest members of Congress as of 2018. It displays the net worth (the difference between assets and liabilities ) for the member and their immediate family, such as a spouse or dependent children.
Legislation aimed at saving the Teamsters' Central States Pension Fund from bankruptcy has a much better chance of making it through the new Congress, the union tells FreightWaves. The ...