[Congressional Record (Bound Edition), Volume 157 (2011), Part 10]
[Extensions of Remarks]
[Pages 13642-13643]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     ENDING CONGRESSIONAL PENSIONS

                                 ______
                                 

                           HON. MIKE COFFMAN

                              of colorado

                    in the house of representatives

                     Wednesday, September 14, 2011

  Mr. COFFMAN of Colorado. Mr. Speaker, today I am introducing 
legislation to put an end to the defined benefit retirement plan 
currently available to Members of Congress.
  These are extremely difficult economic times. We are in a debt crisis 
that will require sacrifices on the part of all Americans. I served in 
both the U.S. Army and the Marine Corps, and I was taught that leaders 
should never ask others to do anything that they themselves would be 
unwilling to do. Congress needs to set an example and lead the way for 
the country. I think this is a good start.
  The defined benefit retirement plan gives Members of Congress an 
averaged percentage of their annual salary (currently $174,000) for 
every year they serve in Congress. To be eligible for the retirement 
plan they must first serve at least five years. They will then receive 
1.7% for every year up to 20 that they

[[Page 13643]]

serve in Congress, and 1% for every year after 20. For example, if a 
Member of Congress served for 20 years, and they were at least 62, he 
or she would receive 34% of their salary, or $59,160 per year, based on 
the current salary. Members of Congress pay 1.3% of their salary into 
the pension plan and are required to pay into Social Security at the 
same rate as everyone else. They may contribute to a Thrift Savings 
Plan that has a match similar to many private sector 401(k) plans.
  My legislation will honor any retirement benefits accrued prior to 
the passage of this bill, and will keep the Social Security and Thrift 
Savings Plan in place.
  I believe that Members of Congress should feel the same economic 
pressures the rest of society does, and I firmly believe that the 
current effort to reduce spending and constrain the size and scope of 
government requires that all possible solutions be taken, including 
cuts to the Congressional budget. I urge the passage of this bill.

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