INFOGRAPHIC: State and Local Govt Ahead of Congress on Pension Reform
WASHINGTON- The House Oversight and Government Reform Committee will today consider H.R. 3813, the Securing Annuities for Federal Employees Act, introduced by Rep. Dennis Ross, R-Fla., chairman of the Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy.
As the infographic below underscores, many states and localities have undertaken major pension reform since 2000. You can find the graphic here.
Enrollees in the Federal Employment Retirement System pay only .8% (Eight Tenths of One Percent) toward their generous defined benefit pension plans.
Under H.R. 3813:
• FERS employees would pay 2.3% of each paycheck.
• Members of Congress would pay 2.8% of each paycheck.
• Employees hired after December 31, 2012 would pay 4% of each paycheck, including members of Congress
The Oversight and Government Reform Committee will meet to consider the legislation after votes on the House floor (estimated start time is 3 p.m.) in Room 2154 Rayburn House Office Building. You can view a live webcast of today’s markup and get updates on the start time at http://oversight.house.gov.