From the July 23, 2006 Q&A column of the Atlanta Journal-Constitution, concerning Congressional retirement pay:
The amount of pay depends on years of service and the average of the highest three years of salary, according to the Congressional Research Service report. By law, the starting amount cannot exceed 80 percent of their final salary.
Members of Congress are eligible for a pension at age 62, upon completing five years of service. Those who served only two years would only be eligible if they had five years of civilian federal service, including their time in Congress. But one could become eligible for retirement pay at age 50, if 20 years of service has been completed or at any age after completing 25 years of service.
Members elected after 1984 participate in the Federal Employees' Retirement System, unless they decline. They also contribute to Social Security.
There are members of Congress that are calling for increasing the age at which we can get Social Security retirement. I haven't heard any of them advocate doing the same for their own pensions.
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