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New Balance 996 Black

Sepp said Congress should follow the lead of private employers and drop its pension program, shifting participants into the thrift plan.

get the same generous accrual rate as members of Congress. It can add up pretty quickly, said Sepp.

New Balance 996 Black

´╗┐Jo Bonner will leave Congress with generous pension

Bonner took office in 2003 and was re elected to a sixth term in November. Rep. Sonny Callahan, R Mobile.

New Balance 996 Black

Bonner will join about 500 former members of New Balance Encap 990

On average, congressional pensions are two to three times more generous than those offered to workers in the private sector with similar salaries, and even more generous than other federal workers, according to Pete Sepp, executive vice president of the Alexandria, Va. based National Taxpayers Union.

Congress who collectively draw $30 million in annual pension payments from taxpayers, according to Sepp.

Rep. Jo Bonner leaves Congress next month, he receive a valuable parting gift in the form of his federal pension.

basically traded a platinum parachute for a golden one, Sepp said. might not be able to live like a king on the taxpayer dime, but you can live like a prince.

to the thrift plan, which works like a 401(k) retirement system, are not available to the public.

Under an older plan, which covered members who were elected before 1984, 280 were receiving average annual pensions of $70,620, according to a Congressional Research Service report in 2012.

New Balance 996 Black

New Balance 996 Black

Bonner, R Mobile, will be eligible to receive payments of about $65,000 a year when he reaches the age of 62, according to an estimate by a leading congressional watchdog.

New Balance 996 Black

Bonner will receive additional benefits as a participant in the federal Thrift Savings Plan, a defined contribution program available to members of Congress. Contributions New Balance 990 Black And White

Sepp said Congress had taken small steps in recent years to rein in benefits, but that the perks available to lawmakers remain far more generous than those available to the average American.

New Balance 996 Black

Sepp said Bonner benefit is unusually high due to his 28 year status as a federal employee.

New Balance 996 Black

New Balance 996 Black

The figure is based on Bonner tenure in the Federal Employees Retirement System and his $174,000 salary as a representative. Bonner, 53, is resigning effective Aug. 2 to take a position at the University of Alabama System in Tuscaloosa.

newer plan, averaging $39,576, the report said.

That change, he said, would tie benefits to the health of the economy overall, because the contributions could be New Balance 996 Black invested in bond and stock markets.

"With so much to do in my remaining weeks in office, I simply haven't made the time to discuss benefits that won't even be available until I turn 62, Bonner said. said, it is true that I have paid into the federal retirement system for almost 28 years so I assume I will be eligible for whatever the amount will be at that time."

His new job vice chancellor for economic development and governmental relations will pay $350,000 a year, according to UA officials.

New Balance 996 Black

Another 215 members elected after 1984 were getting smaller pensions under a New Balance Crt300wa

New Balance 996 Black

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