A $130,500 pension? Some in Congress say no, but most cash in

http://www.mcclatchydc.com/2014/11/25/248084/a-130500-pension-some-in-congress.html?sp=/99/104/244/112/

By Rob Hotakainen
Nov. 25, 2014

Like most members of Congress, Republican Reps. Howard Coble of North Carolina and Doc Hastings of Washington state are millionaires.

They also share something else: They’ll retire at the end of the year after turning down lucrative congressional pensions.

Coble, 83, is surrendering a pension estimated at $130,500 a year, while Hastings, 73, is giving up roughly $53,000 a year.

But if history is any indication, most departing members of Congress will conduct business as usual, cashing in on a retirement system that critics say is too generous and costs taxpayers too much.

After 40 years in the House of Representatives, Rep. George Miller, D-Calif., will be eligible for an annual pension of $125,500. Sen. Saxby Chambliss, R-Ga., will retire after 20 years, qualifying for a yearly pension of $53,000.

And Sen. Kay Hagan, D-N.C., defeated this month in her bid to win a second term, will be eligible for an annual pension of $16,000 after serving just six years.

Their pensions will rise with yearly cost-of-living increases, too.

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