Taxpayers pay millions per year for multiple retirement plans serving already wealthy legislators

Just The News- Critics of taxpayer-funded retirement plans for members of Congress wonder why their representatives are allowed to double-dip into taxpayer-funded plans, especially when the median net worth of a U.S. member exceeds $1.1 million.

The Golden Horseshoe is a weekly designation from Just the News intended to highlight egregious examples of wasteful taxpayer spending by the government. The ward is named for the horseshoe-shaped toilet seats for military airplanes that cost the Pentagon a whopping $640 each back in the 1980s. 

This Independence Day weekend, our award is going to the United States Congress for billing taxpayers millions of dollars, in perpetuity, for multiple cushy pension and savings plans for their members.

Members of Congress are eligible for 401(k)-equivalent plans, in addition to generous pension plans. Members of Congress (and other federal employees and members of the uniformed services) are eligible for the Thrift Savings Plan, which is essentially the same as an employer-backed 401(k) retirement fund, except that in this case, the “employer contribution” is actually funded by U.S. taxpayers. The Thrift Savings Plan offers a 5% match rate and competitively low administrative fees, making it widely viewed as one of the best deals around. As of 2019, more than 5.5 million Americans were Thrift Savings Plan participants.

Critics of taxpayer-funded retirement plans for members of Congress wonder why their representatives are allowed to double-dip into taxpayer funded plans, especially when the median net worth of a U.S. member exceeds $1.1 million.

Nancy Pelosi, for instance, is speaker of the House of Representatives. Accordingly, she earns the highest salary in Congress at $223,500 annually. Her net worth is also estimated at between $50 million and $72 million. Taxpayers have contributed $282,965 to Pelosi’s Thrift Savings Plan over her 34-year congressional career, and when she retires her pension will be worth $106,363 annually, in addition to the $47,604 yearly in social security payments she will be eligible to receive, according to calculations by Open the Books. read more


13 Comments on Taxpayers pay millions per year for multiple retirement plans serving already wealthy legislators

  1. I am a critic, but I don’t wonder why. They get to vote on their own compensation and benefits, including retirement plans Why would they be fiscally responsible when they can guarantee themselves a lavish retirement?
    On a related note, I almost wonder why more of them don’t take retirement but continue to work into their 80s and 90s.

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  2. Hardly shocking same bunch of people that gave themselves an exemption to ObamaCare will also give themselves an exemption to means testing even after they impose it on social security for money we actually were forced to pay.

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  3. And let me guess, there’s no way on Gods green earth to stop them, without gun fire? What’s that line about how often a sucker is born?

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  4. RogerF…. They work(LOL) into their 80’s & 90’s because POWER is a drug that can’t be purchased on the free market without a lot of work, which most of these people let you and I do for them.

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  5. well, now you know why they are fighting trump so hard

    you didn’t think they would just give all that largesse up did you?

    man nancy has some big ole titties

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  6. There is no greater grifter than Pelosi and Biden. Obama used them, and they used obama.

    All three should be on a gallows.

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  7. #Bill

    Maybe so, but I bet they hit the floor when unleashed.
    They ain’t made no Viagra for titties yet.

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