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2014 Congressman and Senators Salaries and Perks

Tuesday, January 7, 2014 16:23

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Salaries and benefit package for Congress for working 112 days a year (time in session) however, Congressman will tell you these are only days they are on the floor the rest of time excluding vacation they are working behind the scene.

Time Off is supposedly spent in their district talking to the folks.

Rank-and-File Members: Source
The current salary (2013) for rank-and-file members of the House and Senate is $174,000 per year.

· In a complex system of calculations, administered by the U.S. Office of Personnel Management, congressional pay rates also affect the salaries for federal judges and other senior government executives.

Congress: Leadership Members’ Salary (2013)
Leaders of the House and Senate are paid a higher salary than rank-and-file members.

Senate Leadership
Majority Party Leader – $193,400
Minority Party Leader – $193,400

House Leadership
Speaker of the House - $223,500
Majority Leader – $193,400
Minority Leader – $193,400

A cost-of-living-adjustment (COLA) increase takes effect annually unless Congress votes to not accept it.

Benefits Paid to Members of Congress

The 1983 amendments to the Social Security Act required federal employees first hired after 1983 to participate in Social Security. These amendments also required all Members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress. Because the CSRS was not designed to coordinate with Social Security, Congress directed the development of a new retirement plan for federal workers. The result was the Federal Employees’ Retirement System Act of 1986.

Members of Congress receive retirement and health benefits under the same plans available to other federal employees. They become vested after five years of full participation.

Note: Starting in 2014, the only health care coverage made available to members of Congress and their employees by the federal government will be coverage offered through the Health Insurance Exchange created by the Patient Protection and Affordable Care Act - the “Obamacare Act.”

Members elected since 1984 are covered by the Federal Employees’ Retirement System(FERS). Those elected prior to 1984 were covered by the Civil Service Retirement System(CSRS). In 1984 all members were given the option of remaining with CSRS or switching to FERS.

As it is for all other federal employees, congressional retirement is funded through taxes and the participants’ contributions. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes.

Members of Congress are not eligible for a pension until they reach the age of 50, but only if they’ve completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Please also note that Members of Congress have to serve at least 5 years to even receive a pension.

The amount of a congressperson’s pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member’s retirement annuity may not exceed 80% of his or her final salary.

According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006.

Allowances

Members of Congress are also provided with an annual allowance intended to defray expenses related carrying out their congressional duties, including “official office expenses, including staff, mail, travel between a Member’s district or state and Washington, DC, and other goods and services.” [Learn more...]

Outside Income

Many members of Congress retain their private careers and other business interests while they serve. Members are allowed to retain an amount of permissible “outside earned income” limited to no more than 15% of the annual rate of basic pay for level II of the Executive Schedule for federal employees, or $26,550 a year in 2013. However, there is currently no limit on the amount of non-salary income members can retain from their investments, corporate dividends or profits.

House and Senate rules define what sources of “outside earned income” are permissible. For example, House Rule XXV (112th Congress) limits permissible outside income to “salaries, fees, and other amounts received or to be received as compensation for personal services actually rendered.” Members are not allowed to retain compensation arising from fiduciary relationships, except for medical practices. Members are also barred from accepting honoraria – payments for professional services typically provided without charge.

Tax Deductions

Members are allowed to deduct up to $3,000 a year from their federal income tax for living expenses while they are away from their home states or congressional districts.

Also See:

· Congress Votes Itself a Pay Raise

· Presidential Pay and Benefits

Source: http://www.americanfreedombybarbara.com/2014/01/2014-congressman-and-senators-salaries.html

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