Should Members of Congress Convicted of Felonies Lose Taxpayer-Funded Portions of Their Pensions? (H.R. 355)
Do you support or oppose this bill?
What is H.R. 355?
(Updated May 31, 2020)
This bill — the TRUST Act — would eliminate the taxpayer-funded portions of Congressional pensions for members of Congress who are convicted of felonies while serving.
This bill’s full title is the Trust Returned to the United States Taxpayer Act.
Argument in favor
Members of Congress who commit felonies while in office have violated the public’s trust in them as public servants. Such people shouldn’t be given the benefit of taxpayer-funded contributions to their Congressional pensions.
Argument opposed
Congressional pensions are an important retirement-planning tool for members of Congress. No matter how individual members conduct themselves in office, they should be given their pension plan for their service in Congress.
Impact
Taxpayer money; Congressional pensions; and members of Congress.
Cost of H.R. 355
A CBO cost estimate is unavailable.
Additional Info
In-Depth: Rep. Ted Yoho (R-FL) reintroduced this bill to eliminate taxpayer-funded portions of Congressional pensions for members convicted of felonies while in office:
“Members of Congress are employed by the American people and they entrust us with their hard-earned tax dollars. We need to show them that we will hold ourselves accountable and that we are not above the law. As a Chamber, we should show the American people that we will not hold ourselves to a different standard than we expect them to be held. The TRUST Act eliminates the taxpayer-funded portion of congressional pensions for Members of Congress who are convicted of a felony while serving. At a time of record high debt and record low approval ratings, congressional pensions for felons should not be on the American taxpayer’s tab. Let us hold ourselves accountable to our employers.”
This bill has no cosponsors in the current Congress. Last Congress, Rep. Yoho introduced this bill with the support of 26 bipartisan cosponsors, including 21 Republicans and five Democrats. Rep. Yoho first introduced this bill in 2013, in his first year in Congress.
Of Note: A former senator or representative’s retirement benefits are based on their plan, age, and how long they served in Congress. No member of Congress is eligible for their pension unless they served for at least five years, and to collect their full pensions, members must be at least 62, or 50 at least 50 with 25 years of service.
Prior to 1984, the Civil Service Retirement System (CSRS) covered all senators and representatives. In 1987, the Federal Employees’ Retirement System (FERS) replaced the CSRS. FERS consists of Social Security, basic annuity, and the Thrift Savings Plan (TSP) investment account. Taxpayer funds are used to match contributions to the TSP, up to five percent a year, in addition to a one percent giveaway regardless of how much the member contributes, if anything.
Media:
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Sponsoring Rep. Ted Yoho (R-FL) Press Release (Previous Congress)
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SmartAsset (Context)
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Investopedia (Context)
Summary by Lorelei Yang
(Photo Credit: iStockphoto.com / rclassenlayouts)
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