Roanoke Times Copyright (c) 1995, Landmark Communications, Inc. DATE: FRIDAY, February 3, 1995 TAG: 9502030078 SECTION: NATIONAL/INTERNATIONAL PAGE: A-3 EDITION: METRO SOURCE: Associated Press DATELINE: WASHINGTON LENGTH: Short
Strongly backed by freshmen Republicans, second-term Rep. Dan Miller, R-Fla., on Thursday introduced a bill that would wipe out the traditional pensions based on years of service and salaries in their last three years.
Miller would leave them only with their 401(k)-type tax-deferred savings plan, in which lawmakers contribute their own money. Miller would leave intact the federal match of lawmakers' contributions, but only for the first 12 years of service.
Twenty-two co-sponsors, all but two of them Republicans, joined Miller's plan.
``The salary is what makes people willing to come, but the pension could make them want to stay longer,'' said Miller, a strong supporter of term limits.
Neither Miller's plan nor the proposal of Sen. Richard Bryan, D-Nev., would affect pensions already earned. But beginning in 1997, the proposals would change the way future benefits are calculated.
Not as potentially costly to lawmakers as Miller's plan, Bryan's proposal would force members of Congress to give up the lucrative retirement formula they gave only to themselves and their staffs. It would leave members and their employees with the same pension calculations as all federal employees in the executive branch.
by CNB