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Saturday, June 18, 2011

Anthony Weiner’s Pension, Benefits Could Exceed $1 Million

Sulaiman Kamal | 3:41 AM | | | | | | Best Blogger Tips

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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.
By law, about the only thing Weiner can’t do with that money is convert it to personal use. Departed lawmakers typically give unused campaign funds to charity, donate it to party committees or candidates, or if he decided to run again — a big if, at this point — he could also tap the account for another congressional race.
The New York Times reports that Weiner will retain control of the funds in the campaign account for the mayor’s race — a contest in which he was widely viewed as a strong contender in 2013. Weiner raised more than $4.8 million to run, according to records kept by the city’s Campaign Finance Board.
Much of Weiner’s money for the mayor’s race came from the campaign account he started in 2009, when he thought about challenging current mayor Michael Bloomberg.

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