Wednesday, July 27, 2011

Dem Congress Wu resigns but gets 1 million in pension, benefits

This is a disgrace. Democrat Congressman Wu resigns and he collects close to a million dollar pension from tax payer's money. While America is broke, Congress is laughing all the way to the bank. Get rid of these elitist and demand Term Limit!!

(USA Today) Rep. David Wu could be eligible for pension and benefits worth more than $1 million in his lifetime, according to an analysis by the National Taxpayers Union.

Wu, D-Ore., first elected in 1998, announced Tuesday he will leave Congress. His departure follows a report in The Oregonian last week that an 18-year-old woman complained to his office about an "unwanted sexual encounter."

The National Taxpayers Union, a non-partisan organization, calculated that Wu could qualify for a pension worth about $851,000 over his lifetime.

It also estimates Wu's balance in his federal Thrift Savings Plan, which is like a 401(k) plan for members of Congress, could possibly be as high as $213,855.

Wu, 56, could immediately draw $23,871 on his pension if he opts to receive early payments. If he waits until he's 62, his annual pension would be about 30% higher, NTU estimates.

In his resignation announcement, Wu said he is leaving so he can take care of his family as he fights "these very serious allegations." Wu, who has been separated from his wife since 2009, has two children.

Some perspective: Congressional pensions are two to three times more generous than those offered to private-sector workers who earn the same salary, the NTU says. (Rank-and-file members such as Wu are paid $174,000 a year, while top leaders get more.) Also, unlike most private-sector pension plans, a cost-of-living adjustment is applied to the congressional benefit.