During dinner conversation recently with a group of smart folks, the polite conversation turned to the retirement pay for U.S. senators and members of the House of Representatives. Folks turned to me like I'm the resident expert in everything because I'm in the newspaper business. I didn't know. In fact, none in the group knew the precise amount, but all agreed it would certainly be a cut above the average American's pension. I'll let you be the judge as to whether it is too generous, too low or just right. I would add that it seems wrong that a U.S. Senator, and any federal employee, can be vested for retirement after only five years. That means a senator gets retirement for life without ever standing for reelection. Seems to me they ought to at least have to be elected once before getting a paycheck for life. At any rate, here's the scoop from the U.S. government website:



        "Members of Congress receive retirement and health benefits under the same plans available to other federal employees. They become vested after five years of full participation.

       "Members elected since 1984 are covered by the Federal Employees' Retirement System (FERS). Those elected prior to 1984 were covered by the Civil Service Retirement System (CSRS). In 1984 all members were given the option of remaining with CSRS or switching to FERS.

       "As it is for all other federal employees, congressional retirement is funded through taxes and the participants' contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes.

       "Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Member's of Congress have to serve at least 5 years to even receive a pension.

       "The amount of a Congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.

       "According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006."

        You can read more at: www.usgovinfo.about.com/library/weekly/aa031200a.htm