Things Are Going to Change Drastically in Their Miserable Self-Centered Lives, Why Are Us Taxpayers Providing Public Pensions to Millionaire Members of Congress…
Membership in the U.S. Congress is an exclusive club that comes with lucrative, taxpayer-funded privileges. Retirement perks include a lifetime pension and a taxpayer-matched savings plan with taxpayer-paid contributions of up to five percent of salary.
As the longest-serving member of Congress, Sen. Patrick Leahy (D-VT) would qualify for a yearly pension of $167,040 if he retired today. Former speaker Paul Ryan (R-WI) was eligible to draw an $84,930 pension when he turned 50 in January after serving for twenty years and retiring at age 48.
Critics question the necessity of such a system. Why are U.S. taxpayers providing public pensions to millionaire members of Congress on top of a 401(k)-style plan? (The median net worth for a member recently exceeded $1.1 million.)
Our auditors at OpenTheBooks.com broke down benefits received by leaders from both parties: House Speaker Nancy Pelosi (D-CA) and Senate Leader Mitch McConnell (R-KY).
House Speaker Nancy Pelosi (net worth est. $50 million to $72 million): She will reap $153,967 a year in public pension and social security benefits at retirement. Also, Pelosi could cash out an estimated $1 million lump sum through her federal savings account – and that is just the portion of the taxpayer-funded account.
Our auditors calculated that Speaker Nancy Pelosi earned $5.7 million in salary to date during her 34-year congressional career. Pelosi’s salary ranged from $77,400 (1987) to today’s $223,500, as the most highly compensated member of Congress.
Taxpayers also invested $282,965 into Pelosi’s federal Thrift Savings Plans – an amount that equals five percent of salary as long as members also contribute five percent of earnings. We estimate that those taxpayer dollars grew to $1.03 million if invested in an S&P 500 index fund, as of 12/31/2019.
On top of all this, if Pelosi retired after the November elections, we pegged her pension and annuity package at $153,967 annually. According to formulas, Pelosi (age 80) qualifies for a $106,363 pension, and she is also eligible for social security. Assuming a maximum benefit, she will receive an additional $47,604 each year.
Our estimates are in good faith based on the published rules. Complicating matters, Pelosi does not disclose her congressional benefits on her financial disclosures, nor did she respond to our request for comment.
Senate Leader Mitch McConnell (net worth est. $22 million): During his 36 years of public service in Congress, our auditors calculated that McConnell earned $5.5 million in salary. McConnell’s salary ranged from $75,100 (1985) to today’s $193,400 – as the second-highest-paid member of Congress.
Taxpayers also invested $273,700 into Mitch McConnell’s federal Thrift Savings Plans. We estimate that the taxpayer dollars alone grew to $1.1 million if invested in an S&P 500 index fund (as of 12/31/19).
In retirement, McConnell can cash out the estimated $1.1 million – as a one-time lump sum or as he wishes.
Then, there is his lifetime pension payout. The researchers at the National Taxpayers Union pegged McConnell’s pension and annuity package at $142,902 annually if he retired after the November election. McConnell (age 78) qualifies for a $96,738 pension, and he is also eligible for social security, amounting to an additional $46,164 each year.
Critics say members of Congress should not be able to double-dip in taxpayer-funded retirement plans. Since representatives can already take advantage of the lucrative 401(k)-style plan with the five percent match, why can’t members have the option to opt-out of the public pension plan?
In 1994, then-elected representative Dr. Tom Coburn (R-OK) was able to opt-out of his federal pension by using a little-known loophole. Nevertheless, Congress eliminated that option by changing the law in the 2004 Appropriations Act.
Today, U.S. Senator Mike Braun (R-IN) feels members must choose to forego the generous public pension. His bill (S. 439) makes it possible for members to opt-out.
Braun responded to our request for comment:
“It is time we make Washington WRE +0.5% more like the private sector, and the best place to start is to end taxpayer-funded pensions – like Nancy Pelosi’s six-figure annual pension – that Senators and Congressmen are entitled to in retirement.
If we remove the luxurious perks from Congress, we will get better leaders: that is why I’ll never accept my Senate pension and, if forced to, I pledge to donate every penny to Hoosier charities.”
Braun’s bill passed the Senate in December 2019 – to Leader McConnell’s credit. However, the legislation is stuck in Speaker Pelosi’s House, awaiting a markup in the Committee on House Administration led by Rep. Zoe Lofgren (D-CA).
The Short List of “Reprobate” found in Romans 1:28 in reference to those whom God has rejected as godless and wicked. They “suppress the truth by their wickedness,” and it is upon these people that the wrath of God rests (Romans 1:18). The Greek word translated “reprobate” in the New Testament is adokimos, which means literally “unapproved, that is, rejected; by implication, worthless (literally or morally).” SRH…
The World Is In Big Trouble, for Those That Believe We Will Go Back to Some Sense of Normal Life Here on Earth, You Will Be Sadly Disappointed, Seven and Half Years of Hell on Earth Which Began January 1, 2020
“Our courts oppose the righteous, and justice is nowhere to be found. Truth stumbles in the streets, and honesty has been outlawed” (Isa. 59:14, NLT)…We Turned Our Backs On GOD, Now We Have Been Left To Our Own Devices, Enjoy…
While Mainstream Media Continues to Push a False Narrative, Big Tech Has Keep the Truth From Coming out by Shadow Banning Conservatives, Christians, and Like-Minded People, Those Death Attributed to the Coronavirus Is a Result of Those Mentioned, They Truly Are Evil…
Watchmen does not confuse truth with consensus The Watchmen does not confuse God’s word with the word of those in power…
In police-state fashion, Big Tech took the list of accused (including this site), declared all those named guilty and promptly shadow-banned, de-platformed or de-monetized us all without coming clean about how they engineered the crushing of dissent, Now more than ever big Tech has exposed there hand engaging in devious underhanded tactics to make the sinister look saintly, one of Satan’s greatest weapons happens to be deceit…
The accumulating death toll from Covid-19 can be seen minute-by-minute on cable news channels. But there’s another death toll few seem to care much about: the number of poverty-related deaths being set in motion by deliberately plunging millions of Americans into poverty and despair.
American health care, as we call it today, and for all its high-tech miracles, has evolved into one of the most atrocious rackets the world has ever seen. By racket, I mean an enterprise organized explicitly to make money dishonestly.
All the official reassurances won’t be worth a bucket of warm spit. The Globals are behind the CoronaVirus, It Is a Man-Made Bioweapon.
You do recall, don’t you, that the governors and mayors who imposed the lockdowns never asked their citizens about their views about instantly getting rid of all rights and freedoms. They didn’t consult legislatures. They didn’t consult a range of expert opinion or pay attention to any serious demographic data that showed how utterly preposterous it was to force non-vulnerable populations into house arrest while trapping vulnerable populations in nursing homes that became Covid-soaked killing fields. Google that and see what response you get, I can tell you Google hides the truth, as they do on their YouTube platform…
They thought nothing of shattering business confidence, violating contractual rights, wrecking tens of millions of lives, prohibiting freedom in the association, tanking the stock market, blowing all budgets, shutting down international travel, and even closing the churches. Amazing. Every government executive except a few became a tin-pot dictator and so we will give credit where credit is due, mainstream media, and especially high tech, Twitter, Facebook, you know the list of tyrants that are turning this country into hell on earth. Enjoy…
The number of Orphans aging out of Child Protective Custody has grown at an alarming rate. The 127 Faith Foundation receives many requests each week to house them at our ranch. Our prayer is that the good people of our country will step up to the challenge and offer financial support for "the least among us." We need your help! StevieRay Hansen, Founder, The 127 Faith Foundation
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