By Billy House
Scandal-plagued Rep. David Wu, D-Ore., will be leaving the House eligible to draw a lucrative congressional pension totaling almost $900,000.
First elected to Congress in 1998, Wu's benefits could add up over the rest of his life to an estimated $851,000 based solely on his congressional service or $891,000 if another year of possible qualifying service as a clerk with the federal judiciary is included.
Already, the 56-year-old lawmaker qualifies for an immediate annual pension of about $23,871 if he makes good on announced plans to resign sometime shortly, according to calculations provided to National Journal by the Alexandria, Va.-based National Taxpayers Union. (He had not done so as of Wednesday afternoon). That yearly amount would go as high as $24,998, if Wu's year of service as a judge's clerk is added.
http://news.yahoo.com/blogs/exclusive/d … 26404.html
politicians are supposed to be civil servants..not royalty...why on earth are they making so much money!
A severance is a small price to pay if it means getting someone competent to replace them.
the rest of that paragraph "If Wu decides instead to hold off until age 62 to collect the full amount of his pension, those annual payouts would be 30 percent higher, said Peter Sepp, the Taxpayers Union's executive vice president."
read the entire article and it will open your eyes and make you mad.
maybe we should join them because we certainly can't beat them!
by Stacie L 3 years ago
Deal reached to allow pension plans to cut benefitsA bipartisan group of congressional leaders reached a deal Tuesday evening that would for the first time allow the benefits of current retirees to be severely cut, part of an effort to save some of the nation’s most distressed pension plans.The...
by lindacee 7 years ago
Former senator Alan Simpson thinks so. I happen not to agree. My mother existed on a small savings account and could not have survived without social security (which she paid into her entire working life.)
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