Fat Pensions for Outgoing Lawmakers

More than a dozen members of Congress were defeated on Tuesday night. But taxpayers will still have to keep sending most of them checks.

Members of Congress are eligible for a pension after just five years in office, so that means senators qualify for one after a single six-year term. But most can't start drawing full payments until age 62.

North Carolina's Kay Hagan, for instance, lost her first bid for reelection. For senators and representatives with only six years in office, the annual pension is about 10% of annual pay -- in Hagan's case, that's $17,400 a year based on her annual salary of $174,000.

Colorado's first term senator, Mark Udall, also lost Tuesday. But he'll be paid about $47,000 a year since he also served five terms in the House.

Senior members with 32 years in office can earn 80% of their pay, or about $139,000 a year.

This year there are nine members of Congress leaving with 80% pay.

More