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The amount of pension members of Congress have received has changed over the years. Under the current system controlled by the Federal Employees Retirement System, members of Congress are eligible to receive a pension only after five years of service. This means all senators who complete one term as well as representatives who complete three terms are eligible.
Pay is based on the number of years of service and the average of the highest three years' salary earned. Currently, regular members of Congress earn $174,000 per year. (Leaders earn up to $223,500). Members retiring before age 62 or with less than 20 years of service earn 1% of their three-year high average salary for each year of service. Members retiring after age 62 with 20 years or more service earn 1.1%.
Members of Congress contribute 1.3% of their salary into the FERS plan and pay 6.2% of their salary in Social Security taxes. The starting retirement pay cannot exceed 80% of a member's final salary.
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