More generally, politically-connected citizens live by a different set of rules than regular citizens.  One such example is Congressional pensions.

Members of the United States Congress are federal employees who have given themselves a generous retirement plan that greatly exceeds what is received by the average citizen.  Their ability to "write their own ticket" is a conflict of interest.

Federal employees who serve at least one term in Congress will vest after 5 years of federal service.  This federal pension benefit adds to what your congressman will receive from social security.  For example, a military serviceman who spent 4 years in the military, and served in congress for 2 terms would count on this nest egg annuity in addition to regular social security benefits:

Avg Salary x 1.7% x 8 Yrs = $20,930 Annual Adder

Table XXX below displays status for all retired Congresspersons as of 10/1/2002.  Unlike social security, the reference did not indicate their pension is reduced if they have earned income.  The "Avg Contribution" listed below is a mere 1.3% of their income to gain the pension benefit cited below:

Since Congresspersons wrote their own ticket, they arranged for an early retirement.  Their "gap coverage" can start at age 55 to provide, until age 62, a benefit equal to their future social security benefit.  So hey, once you've lived high-on-the-hog in Washington, why wait to enjoy the good life?

The intent of the proposed Pension Equalization Act is simple - US Congressmen, Senators and Representatives, should "eat their own dog food".  In other words, members of congress should have the following retirement plan - standard social security benefits plus a pension plan that's no more generous than what's typically available in the private sector.

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