Weiner’s Pension and Benfits Could Top $1 Million

0 Posted by - June 17, 2011 - Economics

anthony weiner5 Weiners Pension and Benfits Could Top $1 Million*Taken from Roll Call.

While Rep. Anthony Weiner may no longer have the benefit of Congress’ generous health care plan once he resigns, he will still be able to collect his pension and other benefits that could total more than $1 million during his lifetime.

According to an analysis of his available benefits by the National Taxpayers Union, the New York Democrat’s pension and a savings plan lawmakers have access to similar to a 401(k) could be worth $1.12 million to $1.28 million.

At 46, Weiner will not be eligible for his pension for another decade, at which point he could begin drawing a reduced rate of $32,357 a year, according to NTU. If he waits until age 62 to begin drawing his pension, he will receive his full benefits, or $46,224, according to NTU’s calculations.

Additionally, if Weiner aggressively invested in the Thrift Savings Plan, his balance would be roughly $216,000, the organization said.

Weiner announced Thursday that he would resign from the House in the wake of a sexting scandal that had engulfed the liberal firebrand for weeks and distracted his party.

As of Thursday evening, however, Weiner had yet to actually resign and would technically remain a Member of Congress until next week at the earliest.

1 Comment

  • Richard Rider June 17, 2011 - 11:10 PM

    While most of us would prefer that cads such a Weiner receive ZERO pensions, this Congressional pension is quite modest by California public employee standards — indeed less generous than any CA public employee plan I can think of!

    With a current salary of $174,000, Weiner’s pension for 14 years in office will be only $46,000. That’s about 2% times salary times number of years in office. Most CA pensions use 2.5% to 3% of salary.

    Moreover, Weiner’s pension is based on the average of his highest three salaries. Most CA public employees figure it based on their SINGLE highest year’s salary.

    In addition, Weiner’s pension starts at age 62. Almost all CA public employees can start their full pensions from ages 50 to 60.

    The problem is not that Weiner’s Congressional pension is too little — the problem is that we taxpayers pay millions of government employees pensions that cost too much.