Embarrassed, Not Broke: Foley Gets to Keep His Federal Pension

Congressional crime pays: It must be a comfort to know that once one is elected to Congress one would have to engage in treason or espionage against the United States of America to lose one’s pension. Run-of-the-mill bribery, blackmail, influence peddling, vehicular homicide or any of various sex crimes would not jeopardize one’s post-jail retirement income. Must be a comfort to ex-Rep. Mark Foley, who stands to receive a cool half-million simoleans in bennies if he waits 10 years to start drawing on his pension and lives to the actuarial average age of 78.

When he turns 62, Foley, who turned 52 last month, will start getting a pension of $32,000 a year, according to the National Taxpayers Union.

If he can’t wait until 2016, he could begin collecting a “deferred reduced retirement” plan in 2010, when he turns 56. But he would then be able to collect only about $22,400 a year, depending on cost of living adjustments.

Foley also participated in the Federal Thrift Savings Plan, a program he frequently touted as an alternative to Social Security because it works like a private 401(k) plan. If Foley contributed 5 percent of each paycheck to the plan, the government — using taxpayer money — would have matched his 5 percent.

That means Foley — who earned $165,200 as a lawmaker this year — could have easily accrued more than $150,000 in assets since taking office in 1994, Sepp said.

Earlier this year, in his financial disclosure report, Foley reported assets ranging between $237,000 and $1.2 million. Those reports indicated that the former congressman from Fort Pierce invested between $1,000 and $15,000 in companies such as BellSouth, Coca Cola and Krispy Kreme Doughnuts.

Oh, and don’t forget — Foley can use his re-election campaign funds to pay for his legal bills.

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