How a Congress member's retirement package compares to yours
Paul O'Donnell , CNBC – 3 hrs.
Members of Congress can retire younger, having contributed fewer of their own dollars, than almost any worker in the country — even more than the generous terms other federal workers get.
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While extending the payroll tax cut through the end of last year, members of Congress last fall took what many feel was a long overdue whack at the cost of their retirement plan. They bumped up the share that their pension plan will take, saving taxpayers $15 billion.
They also made sure that none of it applied to themselves. Anyone elected before the law went into effect would pay in at the old rate.
For all the talk you hear from Capitol Hill about running government more like a business, Congress has a retirement plan that would make any Fortune 500 executive blush. Members can retire younger, having contributed fewer of their own dollars, than almost any worker in the country—even more than the generous terms other federal workers get.
"It's not keeping pace with what's happening in the private sector," said Veronique de Rugy, a senior researcher with George Mason University's Mercatus Center. "It's not sustainable."
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http://www.nbcnews.com/business/how-congress-members-retirement-package-compares-yours-1C8823621
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