Is it a good idea to eliminate the current Congressional pension plan?
There is a movement to eliminate the very lucrative pension plan that Congress receives. It would be replaced with a 401k type that they would have to contribute to themselves. This would have two important effects. It would make serving a life long career in Congress much less attractive and save a lot of taxpayer dollars.
There is no right or wrong answer, I am only seeking your opinion on the subject.
http://coffman.house.gov/index.php?option=com_content&view=article&id=537:november-21-2011-coffman-urges-super-committee-to-end-congressional-pensions&catid=36:latest-news&Itemid=10
tonlac2- You misread the article. It says they receive a higher rate during their first 20 years and a reduced rate for the rest. They get a pension from day one. They contribute only 1.3% of their salary but that is before taxes so to them, it is nothing.
From the article:
"The current Congressional pension program is a defined-benefit retirement plan that gives U.S. Representatives and Senators 1.7 percent of their current $174,000 annual salary for every year they serve in Congress for up to 20 years, and an additional 1 percent for each year served after the 20 year mark. Members of Congress are required to pay 1.3 percent of their annual salary into the pension plan."