Lamborn might be in the pension line soon.
When it comes to deciphering retirement benefits, things can get a little complicated, and the Independent
goofed in reporting that Doug Lamborn was likely under the Civil Service Retirement System (CSRS).
Rather, Lamborn's retirement benefit will be provided through a program called the Federal Employees' Retirement System (FERS).
And that means, his benefit is likely to be lower than we originally reported. According to a formula contained in the Congressional Research Service report we cited, his annual pension payment if he leaves Congress after 12 years would come to $35,496.
This payment could be supplemented with a Social Security retirement payment as well, according to the report.
—————-ORIGINAL POST 11:32 A.M. TUESDAY, APRIL 24, 2018————————-
As near as we can figure, Rep. Doug Lamborn, R-Colorado Springs, is entitled to a congressional pension of $52,200 a year for life if he leaves office at the end of this term in January 2019, according to formulas outlined in a report by the Congressional Research Service.
That could happen due to a Colorado Supreme Court ruling on April 23
that bumped him off the June 26 Republican primary election ballot. (Lamborn is now challenging Colorado election law in an effort to get added back onto the ballot.)
Of course, it's not simple nor cut and dried, because members of Congress are covered under several plans that have changed over the years.
But assuming Lamborn is covered under the Civil Service Retirement System (CSRS), his minimum benefit would be $52,200, which is adjusted for inflation just as Social Security benefits are, based on his annual pay of $174,000.
That benefit doesn't include Social Security benefits to which he would be entitled; nor does it include the Federal Employees' Retirement System (FERS), for which certain members qualify. At 63, Lamborn could take early retirement benefits under Social Security, in which the earliest age for benefits is 62.
Lamborn is an attorney, so he could set up a law practice. Or perhaps he'll be appointed to a government job by President Donald Trump?
The Congressional Research Service report, delivered in December 2017, found:
There were 611 retired Members of Congress receiving federal pensions based fully or in part on their congressional service as of October 1, 2016. Of this number, 335 had retired under CSRS and were receiving an average annual pension of $74,028. A total of 276 Members had retired with service under FERS and were receiving an average annual pension of $41,076 in 2016.
Read the whole report here:
See related PDF