Members of Congress are eligible for 401(k)-equivalent plans, in addition to generous pension plans. Members of Congress (and other federal employees and members of the uniformed services) are eligible for the Thrift Savings Plan, which is essentially the same as an employer-backed 401(k) retirement fund, except that in this case, the “employer contribution” is actually funded by U.S. taxpayers. The Thrift Savings Plan offers a 5% match rate and competitively low administrative fees, making it widely viewed as one of the best deals around. As of 2019, more than 5.5 million Americans were Thrift Savings Plan participants.
Critics of taxpayer-funded retirement plans for members of Congress wonder why their representatives are allowed to double-dip into taxpayer funded plans, especially when the median net worth of a U.S. member exceeds $1.1 million.Click here to read the full article.
