Today's Coming Crisis Movie

Thursday, July 28, 2011

Rep. David Wu could be eligible for $1M in pension, benefits -- it's good to be a (morally questionable) politician

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. (more)