Congressmen's Social Security Institute Was Extinguished, But Survives
The IPC was extinguished in January 1990, but payments of retirements and pensions to 2,677 beneficiaries remained.
TL;DR
- The Instituto de Previdência dos Congressistas (IPC) was extinguished in January 1990.
- 2,677 beneficiaries, including ex-parliamentarians, ex-servants, and dependents, still receive payments.
- Some pensioners receive amounts exceeding R$10,000, with high payouts for former senators.
- The IPC had a history of financial privileges, including early retirement and subsidized loans.
- Parliamentarians used IPC funds for subsidized car loans with significantly lower interest rates than the market.
- The IPC was effectively liquidated in January 1999, with new, stricter rules for retirement and no more subsidized loans.