Estimate: Weiner’s Pension And Benefits Could Exceed $1 Million
Filed by KOSU News in Politics.
June 17, 2011
In about a decade, when he’s eligible to start drawing from his Congressional pension and savings plans, Rep. Anthony Weiner (D-NY) will be able to tap into benefits worth between $1.12 million and $1.28 million, the conservative-leaning National Taxpayers Union estimates.
Roll Call and National Journal both are reporting on the NTU’s estimate.
As Roll Call says:
“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.”
Weiner announced Thursday that he is resigning from the House. As we wrote, he “has seen his political career crater over the past two weeks due to an extramarital sexting scandal and his lies about what he did.”
H/T to On Politics. [Copyright 2011 National Public Radio]
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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.