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Pensions of Senators Crying Foul over Salaries
January 26, 2013
In a turn of fate, just after raising taxes permanently on those they determined could afford it, some senators are complaining that the "no budget no pay" bill being considered on Capitol Hill would cause them undue hardship. That, despite the fact they make $174,000 per year, or $280,000 when benefits are included (according to an Our Generation and Taxpayers Protection Alliance report), and they have some well funded pensions coming.
"“We’re not all millionaires,” Sen. Barbara Mikulski (D-Md.) told The Hill. “When I splurge, it’s on a Ravens t-shirt.”
"“As a non-millionaire senator, I am certainly in a different spot that someone who is independently wealthy,” Sen. Debbie Stabenow (D-Mich.) said."
First of all, it sounds like Barbara Mikulski needs to get a better deal on her Ravens t-shirts.
Should she retire at the end of her term, Mikulski would take home $139,000 per year in pension and whatever she's put into her 401k-style plan. In the most straightforward scenario for Stabenow, her pension would be $62,000 to start (assuming no spousal benefit from her prior marriage), subject to future COLAs. [UPDATE] Murkowski currently would be eligible for $37,000 in pension at age 62.
(all numbers according to NTU research, contact dkelloggATntu.org with any questions.)
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