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.
(Copyright 2011 by The Associated Press. All Rights Reserved.)