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Dole, Hayes to exit with pensions
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| Contributor | The Sunset Provision |
| Last Edited | The Sunset Provision Dec 16, 2008 12:13pm |
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| Category | News |
| News Date | Tuesday, December 16, 2008 06:00:00 PM UTC0:0 |
| Description | When Sen. Elizabeth Dole and Rep. Robin Hayes leave office next month, they won't leave empty-handed.
The N.C. Republicans, both multimillionaires and among the richest in Congress, will be eligible immediately for congressional pensions.
Dole, who served a six-year term, is eligible for about $15,000 a year for life. Hayes, who served five two-year terms, would get about $25,500 a year, according to the National Taxpayers Union, a government watchdog group that's been estimating congressional pensions for years.
Unlike some fixed pensions, the amounts will change with the cost of living adjustment.
Those figures don't include additional pensions for other public service, or 401(k)-type plans for which they received a partial federal match.
“Even after attempts to reform the system in the early 1980s, members of Congress were left with a very sweet deal,” said Pete Sepp, a spokesman for the taxpayer advocacy group. “They get both defined benefit pensions and a defined contribution plan. Most workers in America have to choose one or the other if they're even offered both.”
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