I have to say, I am 100 percent in favor of this: Two freshman Senators in D.C. want to put an end to lawmakers getting pensions.
We all know that the expensive pensions that we dole out to those in Congress is the chief reason we have lifers in office. They want that pension and staying until they get it is what happens.
Get rid of the pension and fewer will stay for 55 terms!
That is the thinking of Senators Mike Braun (R-IN), and Rick Scott (R-FL), both of whom were just elected to the upper chamber in 2018. The pair have introduced the End Pensions in Congress Act that would phase out congressional pensions.
According to Daily Signal:
On average, former members of Congress receive about $41,000 per year in pension benefits after having served about 16 years. Speaker of the House Nancy Pelosi, a California Democrat who has been in Congress 32 years, will receive a six-figure pension.
Under Braun’s proposal, federal lawmakers would stop receiving pension accruals. Those accruals currently cost taxpayers between $21,000 and $36,000 per year for every member. (Individuals first elected prior to 2013 receive the higher contribution amount.)
That’s in addition to a base salary of $174,000, as well as generous benefits, including contributions to federal workers’ 401(k)-type Thrift Savings Plans.
The bill would end the current pension plans but still allow members of Congress to divert some of their pay to a Thrift Savings Plan with the government adding just under $9,000 a year.
The bill would not cancel pensions for anyone who has already earned them under the current system, but all newly elected members would fall into the new system if the bill is passed.
With members of Congress being on average five time richer than the average American, it is a wonder we need to pay them ANY pension.
As DS adds:
At $511,000, the median net worth of members of Congress is more than five times that of the households they represent ($97,300), and more than 200 federal lawmakers are millionaires. Providing lawmakers with $41,000 per year pensions does not make sense and is not fiscally responsible.
This s a good start to put Congress on a more even footing with we, the people.
They don’t need pensions.
Follow Warner Todd Huston on Twitter @warnerthuston.