Hot Docs: Iraq Can't Spend Its Oil Money, Raising the Retirement Age, and More

Today's selection of timely reports

By U.S. News Staff

August 6, 2008 RSS Feed Print

Stabilizing and Rebuilding Iraq. A new Government Accountability Office report looks at Iraq's spending patterns and its windfall oil revenues. The agency notes that Iraq's government has run massive budget surpluses over the past two years and outlines some difficulties local officials have faced in trying to spend these funds on capital improvements.

Actuaries Advocate Raising Social Security's Retirement Age. The American Academy of Actuaries recommends an immediate increase in the retirement age to help alleviate strain on the Social Security system. The professional organization attributes the crunch to an increase in longevity over the past several decades.

Screening for Prostate Cancer: U.S. Preventive Services Task Force Recommendation Statement. The U.S. Preventive Services Task Force, an independent panel of experts convened under government auspices, issued new recommendations about who should be screened for prostate cancer. The new advice discourages screening for men over 75.

Kids' Meals: Obesity on the Menu. The Center for Science in the Public Interest evaluates the nutritional content of children's menus at 25 popular fast food and restaurant chains, finding, unsurprisingly, that many choices are high in calories, fat, and sodium.

One Year Progress Report: the Department's Comprehensive National Security Oversight Initiative. The National Security Division at the Department of Justice has issued a progress report describing its oversight of intelligence-gathering operations at the FBI and other agencies over the past year. One change is the creation of a new oversight section, which is charged with ensuring that investigations are conducted in accordance with laws and regulations.

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Mr Patrick is repeating simply stupid and erroneous information, or lying if you care to look at it that way. Congress's pension plan (FERS, the same as all federal employees) is based on years of service and they don't retire with anywhere near $12,000 per month with one year of service, or any more of years of service for that matter. They also pay into FERS and Social Security, by law, since 1984.

Some facts:

1. The 1983 amendments to the Social Security Act required federal employees first hired after 1983 to participate in Social Security. These amendments also required all Members of Congress to participate in Social Security as of January 1, 1984, regardless of when they first entered Congress.

2. Members of Congress receive retirement and health benefits under the same plans available to other federal employees. They become vested after five years of full participation. Members of Congress under FERS contribute 1.3 percent of their salary into the FERS retirement plan and pay 6.2 percent of their salary in Social Security taxes. (How much do you pay Mr. Patrick?)

3. Members of Congress are not eligible for a pension until they reach the age of 50, but only if they've completed 20 years of service. Members are eligible at any age after completing 25 years of service or after they reach the age of 62. Member's of Congress have to serve at least 5 years to receive any pension at all.

4. The amount of a Congressperson's pension depends on the years of service and the average of the highest 3 years of his or her salary. By law, the starting amount of a Member's retirement annuity may not exceed 80% of his or her final salary.

5. According to the Congressional Research Service, 413 retired Members of Congress were receiving federal pensions based fully or in part on their congressional service as of Oct. 1, 2006. Of this number, 290 had retired under CSRS and were receiving an average annual pension of $60,972. (That about $5000 per month Mr Patrick, not $12,000 and they paid in.) A total of 123 Members had retired with service under both CSRS and FERS or with service under FERS only. Their average annual pension was $35,952 in 2006. ($3000 per month.)

That's $5000 per month and $3000 per month respectively Mr. Patrick. And they paid into the system. Are you?

ps -- Don't blindly believe what you read on the internet... this included!

kdj of IL 11:00PM August 06, 2008

Well,seeing how they have so much oil and we need oil badly,why not send some of it our way.Thats the least they can do for us considering we free'd them from a tyranical maniac.

Charles Patrick Queen of KY 10:30PM August 06, 2008

Senators and congressman should not be allowed s.s.A person who serves just one term as a congressman is given a 12 thousand dollars per month pension senators recieve more so I see no need for them to collect s.s. also.Considering that while their in office the tax payers are paying for thei food,clothe's,housing,gas and the list go's on and on they don't need or deserve to collect s.s.

Charles Patrick Queen of KY 10:13PM August 06, 2008

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