Make Congressional Pensions Passe ; Lawmakers Should Lead Reform by Closing Their Own Retirement Plans

Summary

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A public-pension crisis is looming, and something must be done. Federal, state and local government employees enjoy cushy retirements compared to the rest of Americans - all at taxpayer expense. Rank-and-file members in the House of Representatives want to see reform, and they're starting with their own pensions.

Freshman Rep. Ben Quayle is giving up his benefits so he can advocate for change. "I opted out of my pension because I think it's hypocritical for us to go after the federal pension system if we're not going to do it ourselves," the Arizona Republican told The Washington Times. "Look at the private sector - most don't have pensions anymore. And you have the federal workforce who already has 401(k) plus 5 percent matching." The average private employer contributes just 3 percent to a retirement plan and doesn't provide a pension.

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Make Congressional Pensions Passe ; Lawmakers Should Lead Reform by Closing Their Own Retirement Plans

To make this point, a handful have opted out of the congressional program, which paid out an average of $40,1...

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