Vice President Biden able to collect $180,000 in pension benefits
Vice President Joe Biden, who began drawing Social Security benefits last year, will be eligible for a federal pension that could total more than $180,000 annually, according to the National Taxpayers Union.
Biden could draw that pension not only because of the salary boost he received by becoming vice president but because of his 36 years as a member of Congress, said Peter Sepp, vice president of the nonprofit taxpayers group.
The Civil Service Retirement System allows members of Congress to collect up to 80 percent of their last highest salary, according to a 2007 report from the Congressional Research Service.
Four pension options are available for members of Congress who, like Biden, began serving before 1984.
Biden's office did not respond to questions about which pension option he has exercised.
Sepp said the "more generous" of the four options allows Biden to draw a pension equal to 80 percent of his highest salary. As vice president, Biden's salary jumped from the newly adjusted congressional rate of $174,000 to $227,300.
Sepp said most senior members of Congress tend to stay in the older system, which pays a higher benefit. He said Biden can remain in that system as vice president because he presides over the Senate.
Members of Congress, according to the Congressional Research Service, can collect Social Security benefits simultaneously with their congressional pensions without being subjected to a "windfall" offset that applies to other federal employees.
Members of Congress have been required to participate in the Social Security system since 1984. Before that, participation was optional.
According to the Congressional Research Service, Congress exempted itself from the so-called windfall provision more than two decades ago.
Tax returns for the vice president made public last week show that he collected $6,534 in Social Security benefits during 2008; all but $952 of that was subject to taxation, his returns show.
As a Social Security beneficiary, Biden automatically qualifies for the $250 one-time bonus payment included in the Obama stimulus package.
Financial disclosure statements filed by former Vice President Dick Cheney show no income from Social Security. Cheney is a year older than Biden.
Biden and his wife had combined income of $269,256 and paid $46,952 in federal taxes, according to their return. They listed itemized deductions of $61,617. Charitable contributions totaled $1,885, including clothing with an estimated $550 value donated to Goodwill Industries of Delaware.
