Foxx, whose 5th District includes much of Iredell County, is the co-sponsor of legislation that would put an end to members of Congress participating in the federal government’s pension program.
"Taxpayers are looking to Congress to cut spending and halt the growth of the national debt,” Foxx said. “Congress needs to lead by example and make sure that spending cuts are felt by those who are serving inCongress. Ending the congressional pension shows taxpayers that Congress is serious about getting our fiscal house in order.”
The legislation, H.R. 2913, is primarily sponsored by Rep. Mike Coffman, a Colorado Republican. The current congressional pension plan gives retired federal lawmakers, who have served at least five years in Congress, an annual payment equal to 1.7 percent of their salary for each year of service, up to 20 years. After the 20-year mark, the multiplier drops down to 1 percent for each year served. Members of Congress are required to pay 1.3 percent of their annual salary into the pension plan.
While H.R. 2913 prohibits current or future members of Congress from receiving any pension credits for additional years of service, it would honor any retirement benefits already accrued before the bill takes effect.
“Winding down congressional pensions will illustrate that Congress is willing to shoulder the same kind of cuts that the rest of the federal government faces,” Foxx said. “This is the kind of leadership Americans expect of their representatives.”
http://www2.statesville.com/news/2011/sep/25/foxx-supports-ending-congressional-pensions-ar-1430759/