Rep. Mike Coffman: End Pensions For Congress

August 24, 2011 1:35 PM

Rep. Mike Coffman (credit: CBS)

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401K, Mike Coffman, Pensions

DENVER (AP) – Republican Rep. Mike Coffman says members of Congress should follow millions of American workers and give up their pensions.

The Republican from suburban Denver says that when Congress returns from recess, he’ll suggest cutting the pension available to members with at least five years’ service.

Coffman says that the bad economy prompted his idea. Coffman says that pensions should continue for current congressional pensioners, and be frozen for lawmakers already vested in the pension plan. Coffman says Congress should switch to a defined-contribution retirement system similar to a 401(k). Coffman has not said how much his pension idea would save.

Coffman is not yet eligible for a pension himself. He has also suggested a 10 percent pay cut for members of Congress; that suggestion awaits a hearing.

Rep. Mike Coffman: End Pensions For Congress

Bob T.

It’s about time someone got their head out. With you all the way.
yvonne

Congress should not be “entitled” to anyspecial pension/retirementor health care, they are not better than the rest of US citizens. a 10% pay cut is not enough when so MANY are out of work. Butt Mike is headed in the right direction, kudos
Frank25

Headline is mis-leading. Mike Coffman (and others) have recommended, and now plan to submit a bill to change from “defined benefit” to a “Defined Contribution” pension. Those have more qualifying time periods, and usually do not start paying benefits until in age 60 or 70 brackets, depending on time worked and years contributed. Present plan vets employee after 5 years, depending on age. Service as President, or congress are supposed to be citizen-politicians. Not full time occupation, with feet in public trough.