By Nancy Thorner -
On Tuesday, June 14, appearing in my Inbox was an email from Adam Andrzejewski at Open the Books, informing me that a recent investigation of his was chosen at Forbes as an Editor's pick: Why Are Taxpayers Providing Public Pensions To Millionaire Members Of Congress?
As a taxpayer and voter, did you know that Nancy Pelosi and Mitch McConnell will reap an estimated $1 million "Golden Parachute", lump sum retirement payout? Even more outrageous is that this lump sum is 100-percent taxpayer funded — and on top of their lifetime public pension.
It should be evident by now that Congress is an exclusive club where Members vote for their own benefits.
As for Congresses' pensions and retirement benefits, Congress gets to double dip a public pension plan and a taxpayer-funded five-percent of salary 401(k)-style savings plan.
Read the details in excerpts below from the Forbes' article by Adam Andrzejewski at Open the Books, as to how taxpayers provide million-dollar benefits to members of Congress for their public service.
Is it any wonder why most legislators are opposed to term limits? When elected they are on a gravy train at taxpayers' expense. Why Are U.S. Taxpayers Providing Public Pensions To Millionaire Members Of Congress?
From Adam Andrzejewski, Senior Contributor -
"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’ll reap $153,967 a year in public pension and social security benefits at retirement. In addition, Pelosi could cash out an estimated $1 million lump sum through her federal saving account – and that’s just the portion of the account that was taxpayer-funded.
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 $106,363 pension, and she’s also eligible for social security. Assuming a maximum benefit, she’ll receive an additional $47,604 each year.
Our estimates are in good faith based on the published rules. Complicating matters, Pelosi doesn’t disclose her congressional benefits on her financial disclosures, nor did she respond to our request for comment." Senate Leader Mitch McConnell
"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’s also eligible for social security amounting to an additional $46,164 each year." What about critics?
“Critics say members of Congress shouldn’t 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?”
As the article sets forth: "Congress eliminated that option by changing the law in the 2004 Appropriations Act.
Further pointed out is that current U.S. Senator Mike Braun (R-IN) has introduced (S. 439) making it possible for members to op-out of the generous public pension. As quoted by Braun:
“It’s time we make Washington 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’ll get better leaders: that’s why I’ll never accept my Senate pension and, if forced to, I pledge to donate every penny to Hoosier charities.”
Further related, Braun's bill (S-439), having passed in the Senate in December of 2019, is now in the House awaiting a markup in the Committee on House on House Administration led by Rep. Zoe Lofgren (D-C).
It will probably stay there, for no way will House Speaker Nancy Pelosi bring up a bill that would remove luxurious perks given to her House members.
Taking back the House on November 3rd. 2020, is necessary for this reform is to take place, and if President Trump is to succeed in quashing those in the Deep State, who as globalists wish to destroy this nation as we know it for their own personal power and financial gain.
