answersLogoWhite

0

The annual salary of each senator, as of 2009, is $174,000; the president pro tempore and party leaders receive $193,400. Along with earning salaries, senators receive retirement and health benefits that are identical to other federal employees, and are fully vested in their retirement plan after five years of service. Senators are covered by the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS). As it is for federal employees, congressional retirement is funded through taxes and the participants' contributions. Under FERS, senators contribute 1.3% of their salary into the FERS retirement plan and pay 6.2% of their salary in Social Security taxes. The amount of a senator's pension depends on the years of service and the average of the highest 3 years of their salary. The starting amount of a senator's retirement annuity may not exceed 80% of their final salary. In 2006, the average annual pension for retired senators and representatives under CSRS was $60,972.

User Avatar

Wiki User

14y ago

What else can I help you with?