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Essay / Research Paper Abstract
A 4 page paper that proposes to change retirement benefits for members of congress. The essay begins by explaining how pensions are calculated, including the accrual rate. The writer then discusses why retirement benefits should be changed and suggests the steps that would be needed to make the changes and how likely it is those steps would be successful. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGretcng.rtf
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Unformatted sample text from the term paper:
vote for their own salary increases and retirement benefits. There is an inherent conflict of interest in this process. Because they themselves vote to increase their own benefits, those retirement
benefits are extremely generous, far more generous than even in the private sector. In fact, salaries and perks and then retirement benefits and perks make the members of both Houses
among the wealthier individuals in the nation: "Generous congressional retirement benefits are turning former lawmakers into pension millionaires" (American Injustice, Inc., n.d.). Since the Congress voted itself a 25
percent salary increase in 1989, the American public and media have been putting pressure on the Congress to change the way in which salaries and retirement benefits are given to
members of the Congress (American Injustice, Inc., n.d.). As a point of reference, Senators and Representatives receive a base salary of $141,300, the Speaker of the House is paid $181,400
(Sepp, 2000). Retirement benefits are based on "tenure in office, other federal service, age at retirement, and the average salary upon leaving Congress" (Sepp, 2000). The accrual rate, which
is "the amount by which lawmakers build their pension benefit, is the most generous in the federal government" (Sepp, 2000). except for the Presidents rate (Sepp, 2000). The formula for
those elected prior to 1984 is "the average of the three highest years salaries, multiplied by years of Congressional, federal, and active duty military service, multiplied by 2.5 percent" (Sepp,
2000). For those elected after 1984, the accrual rate is 1.7 percent (Sepp, 2000). There is a limit, the lawmaker may not receive more than 80 percent of their final
salary for the first year they are retired (Sepp, 2000). Retirement age is 50 (Sepp, 2000). Congressional members do contribute to their retirement plan (Sepp, 2000). They also pay into
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