WASHINGTON, D.C. – Senator Mike Braun and Senator Rick Scott – both former entrepreneurs – have re-introduced Senate legislation to end taxpayer-funded pensions for members of the U.S. House of Representatives and the U.S. Senate. Congressman Thomas Massie (KY-04) will introduce the companion legislation in the House.
Currently, Members of Congress are eligible for their federal pension after just five years of service. The amount of the pension depends on years of service and the average of the highest three years of salary. For example, if career politician Speaker Nancy Pelosi were to retire today, her 34 years in Congress would net her an annual taxpayer funded pension of over $100,000.
This legislation would end taxpayer-funded congressional pensions, helping to drain the swamp in Washington by removing a perk that provides a financial incentive for re-election in Congress.
“It’s time we make Washington more like Main Street and end taxpayer-funded pensions that Senators and Congressmen are entitled to in retirement like Nancy Pelosi’s six-figure annual pension,” said Senator Mike Braun. “I’ve pledged to forgo my Senate pension, because I believe the only incentive for serving in Congress should be serving the people of your state. If we remove this perk from Congress, we’ll get better leaders.”
Senator Rick Scott said, “We need to end the concept of career politicians if we ever want to change Washington and make government work for American families. That means we need term limits for all members of Congress and we need to stop making Americans foot the bill for generous pensions for members of Congress. I’m proud to work with Senator Braun on a common sense solution to make Washington work for families across the nation.”
“If congressmen want to save for retirement, they should do so with 401(k)-type plans, rather than rely on taxpayers to take care of them even after leaving Congress. To tackle out-of-control federal spending, Congress must lead by example by ending defined-benefit pensions for Members of Congress.” – Representative Thomas Massie (KY-04)