Tuesday, April 25, 2017

TERRIBLE: Congress Considers Taxing 401(K) Contributions

Here’s the height of hypocrisy: members of Congress, who share in a pension system fully funded by taxpayers, are thinking of cutting the benefits of contributing to a 401(k) and similar retirement plans.
Members of Congress participate in the Federal Employees Retirement System. How valuable is that? The Wall Street Journal reports:
In 2015, the average taxpayer-funded annual pension received by recently retired members of Congress was $41,316. A representative or senator retiring in 2014 after 30 years in Congress would earn an annuity of roughly $104,600 to $130,500, according to the Congressional Research Service.
Read the rest of the story HERE.

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