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[Gene GeRue <genegerue AT ruralize.com>]

. . . where members are even now talking about our retirement benefits 
under the involuntary Social Security system, here is how they have treated 
themselves:

Study: Congressional Retirees Reap Huge Taxpayer-Funded Pensions

(Alexandria, VA) -- Thanks to a generous pension system, life after 
Congress can be a lot more lucrative: that's the conclusion of a study 
released today by the National Taxpayers Union Foundation (NTUF), a 
research group known for its detailed estimates on Congressional retirement 
benefits. A total of 38 former Senators and Representatives from the 108th 
Congress qualify for taxpayer-funded pensions, with former Senator Tom 
Daschle (D-SD) leading the pack at a projected $5 million lifetime payout.

"Even as most Americans face high taxes and other roadblocks to their own 
retirement, Members of Congress have paved a smooth path for their golden 
years," said NTUF President John Berthoud. "Too bad taxpayers are supplying 
most of the gold."

According to the study -- whose results were reported today in an 
Associated Press story -- 38 former House and Senate Members from the 108th 
Congress amassed sufficient service to qualify for a pension. Among the 
highlights:

    * Defeated South Dakota Sen. Tom Daschle (D) is eligible for a pension 
of $121,233 this year, the highest amount among any studied. Assuming 
Daschle lives to the actuarially-projected age of 82.1 years and receives a 
4 percent Cost of Living Adjustment (COLA) annually, his total lifetime 
pension amount could reach $5.077 million. Also high on the list was former 
House Member and Presidential hopeful Dick Gephardt (D-MO), with a 2005 
pension of $102,330 and a projected lifetime payout of $3.091 million.
    * Three long-serving ex-lawmakers, Sen. John Breaux (D-LA), Sen. 
Ernest Hollings (D-SC), and Rep. Phil Crane (R-IL), each qualify for a 
$114,102 pension in 2005. Among these three, however, Breaux would 
statistically be the likeliest to receive the largest total payment over 
the course of his life ($4.074 million).
    * Even Members of Congress with shorter tenures can look forward to 
significant pension packages. For example, former Rep. Jennifer Dunn 
(R-WA), with 12 years of service, could collect as much as $1.011 million 
over her lifetime, while Chris John (D-LA), Nick Lampson (D-TX), and Max 
Sandlin (D-TX) could eventually receive over $500,000 apiece for serving 
eight years in the House.
    * Although lawmakers elected in 1984 and thereafter tend to be covered 
by a pension plan that is less generous than the one offered to their 
senior colleagues, they can make up for much of this difference due to a 
taxpayer-funded "match" of salary contributions in a "Thrift Savings Plan" 
that functions much like a private-sector 401(k) arrangement. By taking 
maximum advantage of this plan and its investment options, a lawmaker 
elected in 1990 could retire this year with Thrift Plan assets of more than 
$248,000.

Members of Congress are covered under the two major retirement systems that 
include most federal employees, but lawmakers enjoy better pension formulas 
and eligibility rules than rank-and-file workers (participation is 
voluntary). In addition, Congressional pensions are two to three times more 
generous than those offered to similarly-paid executives in the private 
sector; one reason is a yearly COLA that few businesses offer. Individual 
pension amounts for Members of Congress are not a matter of public record. 
However, NTUF utilizes data on lawmakers' service, eligibility, and life 
expectancies to provide the most accurate calculations of pensions possible.

NTUF is the non-partisan research arm of the 350,000-member National 
Taxpayers Union. Note: The full report on pensions for 108th Congress 
retirees is available at www.ntu.org.

http://www.ntu.org/main/press_release.php?PressID=679&org_name=NTUF