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 a $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).
https://www.zerohedge.com/political/why-are-us-taxpayers-providing-public-pensions-millionaire-members-congress