Members of Congress also pay Social Security taxes - please see the Fact or Fiction page on that topic for more information. A further variant in the amount of retirement benefits received is whether or not members under either system choose to participate in the voluntary Thrift Savings Plan TSP open to all federal employees.
Members under CSRS may contribute up to 5 percent of their salary and FERS Members may contribute up to 10 percent of their salary into this tax-deferred retirement investment fund. Congressional pensions are funded the same way as those of other federal employees: through a combination of general tax provisions and contributions from the participants. Pension Benefit Guaranty Corporation. Congressional Research Service. Economic Policy Institute.
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Speak to a financial advisor today. Those in leadership make a bit more. Congressmen earn this annual salary for the duration of their terms. Senators serve six-year terms, while members of the House serve for two years. There are no term limits on either part of Congress. Members also get allowances to pay their staff and cover office and travel expenses.
Plus, Virginia mortgage rates and the cost of living in D. They do receive generous retirement benefits though.
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