Question Since Mr . Bush is over 55

[cal04]

is he taking his own plan
If it was mentioned last night, sorry, I didn't watch.
Thanks

President's plan would guarantee retirement benefits for younger Americans but would not affect checks for people now 55 and older.

[methinks2]

1. Politicians get special extra retirement funds

I thinks it's just a continutation of their current salary.

[cal04]

2. Thanks

for taking the time to answer

[Norquist Nemesis]

3. *sigh* See details here

No, they don't get a continuation of their current salary.

http://www.snopes.com/politics/taxes/pensions.asp

Variations: In May 2001 someone combined the "Congressmen don't pay into Social Security" alerts with an existing screed about the Clintons charging the Secret Service rent by adding the following to the e-mail quoted above:
Don't forget, our girl, Hillary Rodham Clinton, thanks to the infinite wisdom of New York State voters, now comes under this Congressional Retirement Plan.

Talking about the Clinton's, it's common knowledge that, in order for her to establish NYS residency, they purchased a million + house in upscale Chappaqua, NY. Makes sense. Now, they are entitled to Secret Service protection for life. Still makes sense.

Here is where it becomes interesting!! A residency had to be built in order to house the Secret Service agents. The Clinton's now charge the Secret Service rent for the use of said residence and that rent is just about equal to their mortgage payment, meaning that we, the tax payers, are paying the Clinton's mortgage and it's all perfectly legal.

You gotta luv it. Is Everybody Happy?????????
A debunking of that addition can be found on our Landlord of Misrule page.

Origins: This piece has been circulating on the Internet since April 2000. So much of it is outdated, inaccurate, or misleading, it's difficult to know where to begin.
It is not true that Congressmen do not pay into the Social Security fund. They pay into the fund just as most everyone else does. (A few odd exceptions to the Social Security program still exist, both inside and outside of government.)

It was true prior to 1984 that Congressmen did not pay into the Social Security fund because they participated in a separate program for civil servants (the Civil Service Retirement System, or CSRS), but that program was closed to government employees hired after 1983:
In 1983, Public Law 98-21 required Social Security coverage for federal civilian employees first hired after 1983 and closed the Civil Service Retirement System (CSRS) to new federal employees and Members of Congress. All incumbent Members of Congress were required to be covered by Social Security, regardless of when they entered Congress. Members who had participated in CSRS before 1984 could elect to stay in that plan in addition to being covered by Social Security or elect coverage under an 'offset plan' that integrates CSRS and Social Security. Under the CSRS Offset Plan, an individual's contributions to CSRS and their pension benefits from that plan are reduced ('offset') by the amount of their contributions to, and benefits from, Social Security.

It is not true that Congressmen "continue to draw their same pay, until they die." The size of their pensions is determined by a number of factors (primarily length of service, but also factors such as when they joined Congress, their age at retirement, their salary, and the pension options they chose when they enrolled in the retirement system) and by law cannot exceed 80% of their salary at the time of their retirement.

The figures given as an example for Senator Bradley (or Senator Byrd, or Congressman White, depending upon which version one reads) — $7,900,000 over the course of his and his wife's lifetime, culminating in a top payout of $275,000 — are simply outrageous amounts with no basis in reality. There is no conceivable way Senator Bradley (or any other Congressman) could draw anywhere near that amount of money though the Congressional pension plan.

It is not true that Congressmen "paid nothing in on any kind of retirement," and that their pension money "comes right out of the General Fund." Whether members of Congress participate in the older Civil Service Retirement System or the newer Federal Employees' Retirement System (FERS), their pensions are funded through a combination of general tax provisions and contributions from the participants. Right now, members of Congress in the FERS plan must pay 1.3% of their salary to FERS and 6.2% in Social Security taxes.

As of 1998, the average annuity for retired members of Congress was $50,616 for those who retired under CSRS and $46,908 for those who retired under FERS. Not bad, but not the highway robbery this piece makes it out to be.