Chaffetz: Members Of Congress Should Receive $2,500 Housing Allowance

[NCTraveler]

16. How Your Retirement Package Compares to Members of Congress

While extending the payroll tax cut through the end of last year, members of Congress last fall took what many feel was a long overdue whack at the cost of their retirement plan. They bumped up the rate at which federal employees contribute to their pension plan, saving an estimated $15 billion over the next 11 years.

They also made sure that none of the increase applied to themselves. Anyone in service before the law went into effect would pay into the pension plan at the old rate.

For all the talk you hear from Capitol Hill about running government more like a business, Congress has a retirement plan that would make any Fortune 500 executive blush. Members can retire younger, having contributed fewer of their own dollars, than almost any worker in the country — even more than the generous terms other federal workers get.

At a time when traditional pensions are disappearing and many workers are struggling to save for retirement, the Federal Employees' Retirement System (FERS), an old-school defined benefit pension program, pays 215 former congressmen and women an average of $39,576, for an average of 16 years of service, according to a recent Congressional Research Service report.

http://www.cnbc.com/id/100546584

How Are the Benefits? For Members of Congress, Not Too Shabby

In a down economy, a good benefits package can be hard to find.

But on Capitol Hill, a 401(k) and health plan are just the beginning. The hundreds of candidates vying for a coveted congressional seat this November will earn more than a chance at shaping the nation's legislative priorities if elected -- they'll tap into a mountain of perks that most Fortune 500 companies couldn't begin to rival.

A little-known benefit drew some attention Wednesday after it was reported that the family of the late West Virginia Sen. Robert Byrd will be paid his $193,000 salary next year. That's just the tip of the benefits iceberg that comes with being a venerable member of Congress.

For those entering any of the 535 seats in Congress next year, here's a glance at the world of juicy perks coming their way:

http://www.foxnews.com/politics/2010/09/29/benefits-members-congress-shabby.html

I still wouldn't be opposed to a stipend of $2500 per month that could only be used for rent. In fact, I think they should call it Federally Subsidized Congressional Housing Program. One can use up to $2500 per month toward rent and rent only. It should be public knowledge if a congressperson is on subsidized housing. If all members of the house used the program it would come out to just under 1.1 million per year.