I'm not sure if this is true or not, but I found this so interesting
that I had to hold onto it. I've recently been informed of a website
that counters this. If anyone has more information that confirms or debunks
this, please let me know.
The Golden Fleece
Our Senators and Congressmen do not
pay into Social Security, and, of course, therefore they do not collect from
it. Social Security benefits were not suitable for persons of their rare
elevation in society. They felt they should have a special plan for themselves.
Many years ago they voted in their benefit plan. In more recent years, no
congress person has felt the need to change it. After all, it is a great plan.
For all practical purposes their plan works like this.
When they retire, they continue to draw their same
pay until they die, except it may be increased from time to time by the cost of
living adjustments. For example, former Senator Bradley, and his wife, may be
expected to draw $7,900,000.00, with Mrs. Bradley drawing $275,000.00 during the
last year of her life. This is calculated on an average life span for each.
Their cost for this excellent plan is $0, nada,
zilch. This little perk they voted in for themselves is free to them. You
and I pick up the tab for this plan. This fine retirement plan is funded
directly from the General Fund of the U. S. Treasury. Our tax dollars at work!
Social Security, which you and I pay into every payday for our own retirement,
with an equal amount matched by our employer, we can expect to get an average of
$1,000.00 per month from our Social Security plan. Or, we would have to collect
our benefits for 681 years and 1 month to equal the Bradley's benefits.
Imagine for a moment that you could structure a
retirement plan so desirable that people would have extra amounts deducted
from their pay to enhance their own personal retirement income. A retirement
plan that worked so well, that Railroad Employees, Postal Workers, and others
who were not in the plan would clamor to be included. This is how
good Social Security could be, if only one small change were made. That change
would be to jerk the Golden Fleece Retirement Plan out from under the Senators
and Congressmen. Put them into the Social Security plan with the rest of us.
Then watch how fast they would fix it!
Congressional pensions are
controversial and many believe they should be reformed, but this email has
several inaccuracies. First, it is not true that members of congress
don't pay into Social Security. It's been required of them since
1983, according to Andrew G. Biggs, Social Security Analyst for the Cato
Institute in Washington, D.C.. Additionally, Biggs says Congress
does have its own retirement plan which does pay a generous pension to
retired members of congress plus they are eligible for the Thrift Savings
Plan (TSP), a 401k-type investment program available to all federal
employees. Depending on a person's length of service, it is possible
to retire with annual income that is equivalent to a Congressional salary,
but no member of Congress automatically retires with his or her salary
being paid as pension. TruthOrFiction.com
was unable to find the source for the alleged Bill Bradley retirement
March 10, 2005
Lansing, MI 48911
Thank you . . .
. . for contacting me about your concern that Members of
Congress do not pay Social Security.
This is an internet hoax that has been going around for several
years and is not true. I assure you that I pay Social Security, along
with all my colleagues, just like all other workers in America. The
only people who do not pay Social Security are some State and
municipal employees. It is very important to me that Social
Security is available for all of us when we retire.
Members of Congress are covered by the same retirement plans as
all other federal employees. When Members of Congress retire,
resign or are not reelected, they no longer receive a salary.
However, if they are eligible because of age and years of service,
they may receive a retirement annuity just like all other federal
Thank you for taking the time to share your views with me. I am
glad I had the chance to clear up any confusion this hoax may have
caused. As always, please do not hesitate to contact my office if I
can be of further assistance.
United States Senator