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URL:  http://boards.fool.com/ss-article-of-may-15-12580450.aspx

Subject:  SS Article of May 15 Date:  5/16/2000  7:24 PM
Author:  Nums Number:  3948 of 19483

I wonder if anyone can confirm the following message I received recently -- primarily, is it true that our "representatives of the people" do not pay into social security (nor receive benefits) or a retirement plan and, upon retirement they continue to receive the same salary? Someone tell me this is not true before I have a coronary!


> Our Senators and Congressmen don't pay in to Social
> Security, and, of course, they don't collect from it.
>
> The reason is that they have a special retirement plan
> that they voted for themselves many years ago. For all
> practical purposes, it works like this:
>
> When they retire, they continue to draw their same pay, until they
> die, except that it may be increased from time to time, by cost of
> living adjustments.
>
> For instance, former Senator Bradley, and his wife,
> may be expected to draw $7,900,000, with Mrs. Bradley
> drawing $275,000 during the last year of her life. This is
> calculated on an average life span for each.
>
> This would be well and good, except that they paid nothing
> in on any kind of retirement, and neither does any other
> Senator or Congressman.
>
> This fine retirement comes right out of the General Fund: our
> tax money. While we who pay for it all, draw an average of
> $1000/month from Social Security.
>
> Imagine for a moment that you could structure a retirement plan so
> desirable that people would have extra deducted so that they could
> increase their own personal retirement income. A retirement plan
> that works so well, that Railroad employees, Postal Workers, and
> others who aren't in it, would clamor to get in.
>
> That is how good Social Security could be, if only one small change
> were made. That change is to jerk the Golden Fleece retirement
> out from under the Senators and Congressmen, and put them in
> Social Security with the rest of us. Then watch how fast they fix it.
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