Republican Senators have introduced a bill that would eliminate FERS pensions for new federal hires. Employees would still get a 5% matching contribution to their Thrift Savings Plan, and retiree health benefits. (The Senators note that the law would also apply to members of Congress- although given how wealthy most of them are, it’s doubtful they would notice the difference.)
Today, U.S. Senator Richard Burr (R-North Carolina), along with Senator Tom Coburn (R-Oklahoma), introduced the Public-Private Employee Retirement Act of 2011 to address long-term liabilities facing the federal government. The legislation would end the defined benefit pension portion of the Federal Employee Retirement System (FERS) for new federal government hires starting in 2013, leaving fully in place the Thrift Savings Plan with the current match (up to 5%) for both current and future federal workers. The bill would also apply to Members of Congress.