<Li> The Thrift Savings Plan, a 401 (k) - like defined contribution plan for retirement account into which participants can deposit up to a maximum of $17,000 in 2012 . Their employing agency matches employee contributions up to 5% of pay . </Li> <P> Members of Congress may retire with full benefits at age 62 after five years of service, at age 50 after twenty years of service, and at any age after twenty - five years of service . They may retire with reduced benefits at ages 55 to 59 after five years of service . Depending on birth year, they may receive a reduced pension after ten years of service if they are between 55 years and 57 years of age . </P> <P> Members of Congress are permitted to deduct up to $3,000 of living expenses per year incurred while living away from their district or home state . </P> <P> Prior to 2014, members of Congress and their staff had access to essentially the same health benefits as federal civil servants; they could voluntarily enroll in the Federal Employees Health Benefits Program (FEHBP), an employer - sponsored health insurance program, and were eligible to participate in other programs, such as the Federal Flexible Spending Account Program (FSAFEDS). </P>

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