Members of Congress should give up their pension plan, Rep. Mike Coffman (R-Colo.) said Wednesday.
Coffman announced he plans to introduce legislation calling for an end to the defined-benefit retirement plan currently available to members of Congress.
The pension currently offers lawmakers who have been in office at least five years 1.7 percent of their annual salary.
Lawmakers then receive 1.7 percent for every year they serve up to 20 years and one percent for every year after 20.
“These are extremely difficult economic times and Congress needs to set an example and lead the way for the country,” Coffman said. I think this is a good start.â€
Lawmakers would still receive any retirement benefits accrued and will continue paying into both Social Security and the Thrift Savings Plan, similar to 401(k) plans.
Coffman will introduce his legislation when Congress returns after Labor Day.
