As of December 2014[update], the annual salary of each representative is $174,000,[30][31] the same as it is for each member of the Senate.[32] The speaker of the House and the majority and minority leaders earn more: $223,500 for the speaker and $193,400 for their party leaders (the same as Senate leaders).[31] A cost-of-living-adjustment (COLA) increase takes effect annually unless Congress votes not to accept it. Congress sets members' salaries; however, the Twenty-seventh Amendment to the United States Constitution prohibits a change in salary (but not COLA[33]) from taking effect until after the next election of the whole House. Representatives are eligible for retirement benefits after serving for five years.[34] Outside pay is limited to 15% of congressional pay, and certain types of income involving a fiduciary responsibility or personal endorsement are prohibited.