Reply by patcollins

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Posted on California Can fix their runaway Pension Plans

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1685 posts in 2863 days

#1 posted 06-04-2012 12:31 AM

Howie, you have read too many emails that spread falsehoods. Congressmen and Senators elected after 1982 are on the same system that other government employees are, the FERS retirement system.

It breaks down to
1) Thrift Savings Plan (401k basically) you deposit 5% they will deposit 5%
2) Annuity, 1% of your highest 3 working year average multiplied by your years of service (30 years = 30% of your max pay averaged over the last 3 years of your career)
3) Social Security

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