S.228 - Congressional Annuity Reform Act of 1995104th Congress (1995-1996)
|Sponsor:||Sen. Bryan, Richard H. [D-NV] (Introduced 01/13/1995)|
|Committees:||Senate - Governmental Affairs|
|Latest Action:||Senate - 05/15/1995 Subcommittee on Post Office and Civil Service. Hearings held. (All Actions)|
This bill has the status Introduced
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Summary: S.228 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in Senate (01/13/1995)
Congressional Annuity Reform Act of 1995 - Amends provisions concerning the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS) to: (1) limit the maximum CSRS annuity payable to Members of Congress with respect to cost of living adjustments (COLAs) to the final pay of the Member with respect to whom the annuity is paid; and (2) make other changes in the computation of CSRS and FERS annuities payable to Members, including eliminating adjustments for previous service as a congressional employee.
Provides for the deduction and withholding of seven percent (currently, eight and seven and a half percent, respectively) of the basic pay of a Member or congressional employee under CSRS, thus making such deduction and withholding equivalent to that of a Federal employee. Makes deductions and withholding under FERS for Members and congressional employees conform to those of Federal employees as well.
Makes provisions of this Act regarding: (1) COLA adjustments and Member annuities applicable to annuities commencing on or after November 6, 1996; (2) computation of annuities and years of service applicable to service performed after such date; and (3) contribution rates applicable in the first pay period beginning on or after such date.