The Dallas Morning News reports on the formula used to calculate pension annuities for Texas legislators.
Did you even know that Texas legislators get pensions? And the more times they get re-elected, the bigger the pension!
The article says, "...a 20-year lawmaker could take a 2.3 percent per year service credit for each year he or she has served. The pension would equal 46 percent of $125,000, or $57,500."
Texas legislators often complain about their low salary, just a few thousand dollars a year. But those pensions sweeten the deal quite a bit. Especially when you consider that the legislative sessions only last a few months out of each two-year period.
There is no good reason for legislators to collect taxpayer-funded pensions. Libertarian legislators would vote to get rid of them.