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Friday, June 17, 2011

Update: $5M Campaign War Chest--Pension, benefits for Anthony Weiner could top $1M

Update: What Will Happen to His $5M Campaign War Chest?

$1M in pension and benefits, not bad for less than 15 years on the job.

Unlike regular folks, members of congress don’t face such an unsure future when they lose their jobs.

Congress sweetheart pension plan pays off for Weiner

Democrat Anthony Weiner resigned from Congress in disgrace amid an online sex scandal.

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By Spencer Platt, Getty Images

As politicians in New York figure out what's next for the U.S. House seat vacated by Anthony Weiner, there are some financial odds and ends to consider about the disgraced Democrat.

Weiner, first elected in 1998, could draw on pension and benefits worth more than $1 million in his lifetime, according to calculations by the National Taxpayers Union. Details were reported today by Roll Call, National Journal and others.

Weiner resigned Thursday, after a scandal over sexually explicit contact he had with women on Twitter and Facebook.

Weiner, now 46 years old, could receive $46,224 annually if he waits until age 62 to draw his pension. If he opts to receive it early, starting at age 56, he would receive $35,357 annually.

Also, members of Congress participate in what is called the Thrift Savings Plan, sort of like a 401(k). NTU estimates Weiner has a balance of $216,011 in that savings plan, if he had been investing aggressively in it.

There's also the matter of Weiner's unused campaign funds. Weiner had more than $312,000 in the bank as of January, according to records kept by the non-partisan Center for Responsive Politics.

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