Bill calls for end to cushy congressional pensions

Gualberto Becerra/Shutterstock.com

A new bill in the House proposes ending the pension benefit that members of Congress are currently eligible for after five years of service.

Sponsored by Rep. Mike Coffman, R-Colo., H.R. 423 would eliminate defined-benefit pension plans for members of Congress, keeping only the “right to continue participating in the Thrift Savings Plan.” In a statement released on Jan. 24, Coffman said he submitted the bill to encourage members of Congress to “share in the sacrifice” during hard economic times and “lead by example.”

“It makes no sense for Congress to continue to reward itself, using taxpayer dollars, with a defined benefit plan when much of the country has moved to a defined contribution plan like a 401K,” Coffman wrote in a statement.

Nearly one in six former lawmakers were earning six-figure annual pensions, according to an analysis Federal Times published last year. Rep. Jared Polis D-Colo., one of the bill’s co-sponsors, said the time has come to end this perk.

“Members of Congress shouldn’t get pensions in perpetuity at a time when American families are struggling and the nation’s deficit is far too high,” Polis wrote.

Targeting congressional pay and benefits has become a tactic in the ongoing budget battles in Washington. The House recently passed a “no budget, no pay” bill designed to encourage the legislature to resolve the debt ceiling and work toward a comprehensive budget plan.

(Image via Gualberto Becerra /Shutterstock.com)

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Federal IT Applications: Assessing Government's Core Drivers

    In order to better understand the current state of external and internal-facing agency workplace applications, Government Business Council (GBC) and Riverbed undertook an in-depth research study of federal employees. Overall, survey findings indicate that federal IT applications still face a gamut of challenges with regard to quality, reliability, and performance management.

    Download
  • PIV- I And Multifactor Authentication: The Best Defense for Federal Government Contractors

    This white paper explores NIST SP 800-171 and why compliance is critical to federal government contractors, especially those that work with the Department of Defense, as well as how leveraging PIV-I credentialing with multifactor authentication can be used as a defense against cyberattacks

    Download
  • Toward A More Innovative Government

    This research study aims to understand how state and local leaders regard their agency’s innovation efforts and what they are doing to overcome the challenges they face in successfully implementing these efforts.

    Download
  • From Volume to Value: UK’s NHS Digital Provides U.S. Healthcare Agencies A Roadmap For Value-Based Payment Models

    The U.S. healthcare industry is rapidly moving away from traditional fee-for-service models and towards value-based purchasing that reimburses physicians for quality of care in place of frequency of care.

    Download
  • GBC Flash Poll: Is Your Agency Safe?

    Federal leaders weigh in on the state of information security

    Download

When you download a report, your information may be shared with the underwriters of that document.